Getting Started/General Advice

[Carter McGill]

Alright, this is my first time ever posting on a forum of any kind but I figured its a stepping stone in the right direction. I have been interested in real estate for a long time and want to buy my first investment property this year.  I have always looked at real estate investing as a way to have more freedom in life if I can just figure it out. I’m here seeking out someone to just take me under their wing and help a newbie learn the ropes or just provide some insight into how they would start investing if they were in my situation.

Here is a brief idea of what my situation is:

I own a home in Northport, Alabama which is about 20 minutes from downtown Tuscaloosa, Alabama - Home to the University of Alabama. I have not had an official appraisal but two of my neighbors sold their homes recently for 260k and our houses are identical in layout and square footage. I was fortunate enough to receive a gift of equity on this property to cover the down payment and my mortgage is around 168k. My main question is this, if you were just starting out and had this same situation how would you go about investing in your first property? 

My end goal is simple- to have freedom in life and not have to worry about money and to be able to live a life I WANT to live.

Thanks in advance!

[Mark Munson]

Hey @Carter McGill

Welcome to BP! Congrats on taking the first step. Firstly, I would look into any local real estate investing groups in your area. Search "Tuscaloosa real estate investing" and I'm sure you'll find some. If you are limited on cash, you may want to look at a HELOC on your primary residence to access capital to start flipping or buying rentals. If you can get some cash out from the HELOC, you can then leverage that against hard money or other types of financing. Feel free to reach out if you need advice and best of luck!