Newbie investor in Kansas City - advice on starting out

[Dan Krupa]

First off, thanks for everyone who shares their wealth of knowledge and time here. Fantastic advice, community, and website.

Currently I am active duty military and leaving the Army after 12 years of service this summer to focus on REI full time. We own one property in KC, MO that is cash flowing and two properties in Tacoma, WA.

We have saved enough to buy a couple of properties with cash only, have a large sum of equity in one of our properties we could use as a HELOC, and good credit.

Initial business plan is to focus on the Northern KC area: SFH, 3/2s, and around 1100 sqft. I know the picking is slim there. We BRRRed two of first three properties however, I would like to flip to generate income and then buy and hold.

Any advice on how to start out? Pitfalls or gaps in our current plan? Also, I would be more than willing to work for free or split a profit on a property I find if anyone is willing to provide me tutelage.   

Finally, I plan on getting my real estate license. Thoughts on that?

Thanks in advance for any advice.  

[Paul Timmins]

@Dan Krupa

Welcome. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul