100K In My Hand. Looking for Advice, Partnering Idea?

[James Ritter]

Hello all,

I have already read about 5 "What would you do with 100K" posts. I own a merchant processing company and have a portfolio that I am looking to unload and would like to get my feet wet starting with 100K. I am learning as much as I can. I live in New York and therefor it is difficult to do ANYTHING with 100K so I am a bit nervous when it comes to pulling the trigger. I like some properties I have looked at online in Atlanta but am completely unsure of what to do.

Looking for some advice!

[Donald Capwell]

@James Ritter... Whoa, my new friend!  You have been on the site for a day (according to your profile...).  I think we all appreciate your enthusiasm, but I think a deep breath and a comfy seat (with a good internet connection) is in order!  

From your dashboard, click on the "Education" tab at the top of the page, then go the the How To guides... read the Ultimate Guide to Real Estate Investing, first.  I dont thnk anyone should even post on the site until they read this (yes, it's that important), but that's not the point.  After reading that guide, since you think right now you are interested in rehabs, read the rehab guide.  (Don't be surprised, though, if your strategy changes as you learn more).  Each Guide has several blog posts and podcasts linked within that will give you more detailed information relative to the topic you are studying.  SUPER VALUABLE, and FREE.  Take a look at the names of the experts that are giving the interviews or that are very active on the posts... Follow them. Also, enter "Rehab" or "fix and flip" as key words in your profile so you are notified every time there is a new forum post started, and pay attention to the questions and answers.

Bottom line... First determine what you want to accomplish with real estate, and take a sniper's approach, not shotgun blast. Once you know what you want (goal), and how you will get there (strategy), then you will be ready to build your team that will help you succeed, and define your systems. Read posts by and podcasts with people that do what you want to do, and learn. Invest your time in the education before investing the capital. Go to Meetup.com and search REI groups in your area, and then attend a few meetings before writing that first check. This is a huge step, too, and not all REU groups are made equally, so join a coup,e if that is an option.

@Mary B. is right on!  There will be many here and locally that will have great intentions to help you (while also helping themselves - and there's nothing wrong with that), but how will you know if they can deliver if you don't know what to ask; how will you know what to ask if you don't get an education?  All the information on this site is free, so invest in yourself before pulling the trigger...  Everyone is different, but I'd give it at least a coupleader of monthsNo sense making your own mistakes when you can learn from those that have gone before you!  There is nothing new under the sun, after all!

Good luck, and welcome to BP!!  Poke around a while here, and I look forward to reading about your success in the future!  $100k is nice starting seed, so protect it now and watch it multiply later!  Cheers!