Beginners course of action

[Michael Sokolski]

I posted this on another thread but it's buried and maybe not many have seen it. I was hoping to get some feedback from the experts on here about what they thought. I've put my plan on paper. This is my plan of attack in this new business and I'd love to get some input (criticism, suggestions, recommendations, etc....)

Let me know if I'm on the right track.

I have about $50K available to invest right now. I've been looking for properties to buy/rent/hold for awhile. So far, I haven't found anything close to positive cash flow after running the numbers but I know I'm not looking in the right places. I am going to visit (and eventually join) my local Real Estate Investing Group that is pretty close to home. They meet once a month and have various seminars, webinars, etc, once in awhile. I'll attend and learn what I can. I'll network, search for a mentor, and possibly partner with people I feel comfortable with and who seem to know the business. My first few deals will be small, local, and with as little risk as possible in order to get my feet wet and learn to ropes.

My To Do list!

1. Start my LLC

2. Attend local REI group. Learn, network, find mentor/partner(s).

3. Build some money at first (and learn) by trying some wholesaling, bird dogging, short-sales.

4. Build enough of a cash reserve to have a substantial down payment on an investment property in order to have lower mortgage payments which will result in a positive cash flow.

or

Partner with someone and find an investment that produces positive cash flow and is in an area moving in the right direction.

There is no need to forecast past that point since a million different things can happen. I have a job that is paying the bills and I'm still able to put a small amount in personal savings. My goal is to have a positive cash flow of $12,000 - $15,000 per month in 15 years (hopefully less, but I want to be realistic).

I'd love to get some feedback from the experts about the plan I've laid out and any suggestions you might have based on your own experiences.

Thanks all!