How to start

[Michael Lee Croxton]

Good evening! I am somewhat new to real estate investing. I am fairly familiar with long term rental. My father had 38 long term rentals for almost 30 years and we spoke frequently of them. He sold them all before he passed. Now, I'm interested in starting my own real estate portfolio. I would like ideas on where to begin regarding type of rental I should start with (short term, long term). That will drive the answer to my immediate question, which boot camp should I enroll in first. In order to guide responses, I must say that I am an early retiree with a pension and ample investments so that I don't need monthly cash flow from rentals to live on. Any cash flow will likely be used to further the real estate portfolio. I already purchased a second home for cash which serves as a STR when we are not there and I'm looking to buy something in the next 12 months. So my first questions is, which BP bootcamp should I attend first. I'm tempted to try the BRRRR first because that's what I think I may do but I also think maybe the rookie one. Secondly, what strategy should I pursue in order to primarily build legacy wealth and that may give some cash flow along the way? I hope to stop at a half dozen or so buildings. Thank you in advance for any input you send.

Michael

[Tim Ryan]

Hey Michael,  first of all I'd encourage you to teach your next generation what you'll be learning. Whether you have kids or nieces/nephews.  It's hard to give advice for which bootcamp / coaching you should do. So I'll tell you what I did. Years ago my first coaching program I did was Robert Kiyosaki's Choose to be Rich. It was a really, really good program for me at the time as it set the foundation for my success. Quick story about it: I had been working with my coach Nicole for about 4 months into a 6 month program when I asked (in a frustrated tone), when will be start working on real estate investing? Her reply was "when you are ready, and you are not ready". BOOM. And she was right.  Longer story on how I got to my second and third programs, but the best one of all was RE Mentor - David Lindahl who teaches on buying multifamily properties. My goal was 50 units in 3 years. In less than 3 years I had 89 units. Two years later I was over 300 units.  It works - when you put in the work.