Seeking guidance as a rookie.

[Kameron Moore]

I'm currently looking for guidance on the next step of my real estate journey. I've been an independent contractor in Springfield, Illinois for 8 months and have been a trades contractor for the last 4 years. I have dedicated the last year to educating myself on real estate investing and development and looking to get out of the solo day-to-day labor as a tradesman. I am currently in the last steps of becoming a licensed broker in Illinois. I'm eager and willing to become as valuable as I can even if it means being an assistant to a seasoned investor or working for a brokerage for a while. I'm more familiar with the residential side of RE, being part of many remodels and home projects, but would like to have expertise in both commercial and residential. I've got little personal resources backing me up but am ready to dive into REI full go. I guess my question is, should I narrow my focus to one REI strategy or keep it broad and analyze each opportunity individually? Any advice is appreciated, thank you.

[David Worker]

Hi Kam 👋 There’s so many ways to make money in real estate and they all have their pros and cons. Brandon Turner often says it’s more important that you decide than what you decide. STRs and MTRs have higher cash flow than LTRs but they require more work. I would choose the strategy that best fits your strengths (unfair advantages) and what the market in your area demands. If I were in your position, I would buy a duplex that has potential for value add, fix it up, live in one unit and rent out the other unit as a medium term rental or long term rental.