As a newbie I have found that making that big first decision or taking that "leap of faith" is the most difficult part. I have no doubts that I want to become a REI. I am not scared (maybe just a little). I have been educating myself "obsessively", I have attended REI meetings in my area, I have business cards of the real players in my area, I have a team that includes a Real Estate Agent, a manager, and an IT person. I have attended gurus presentations and had a meeting with a full time investor. They both tried to sell me a course, I did not buy - the information was very good though. I have been listening to BP podcasts and webinars. I have a supplier for the materials, a person from one of the big companies in that field. I think I found a contractor that comes highly recommended. I yet have to meet with him though. I think that I found my niche. However, I can't make out my mind on what should be my first "move".

So here it goes for your input:

I think I want to do fix-flip. I am considering buying from wholesalers, tax deed sales, and probates. However, the wholesalers that I have talked to have very limited inventory 1-7 properties max.

I do have a full time job and I am not sure I can do wholesaling yet. The marketing and knocking on people's doors seem to me very time consuming, I might be wrong. Please pitch in on that.

My plan is to sell my house. I should have a reasonable amount of money once that is done. Houses are selling good in my area, I expect that to happen in the next couple of months. And, I will try my best to sell it myself to save some money. I will use a Real Estate Agent on my future investments though.

These are the scenarios that I have been contemplating so far:

1. Buy a duplex/triplex and do house hacking. Kind of concern about the neighborhoods though. I am a woman with a strong character and personality. However, my height is 5'1" and my weight is 110 pounds. Not very physically intimidating. And not sure if that even matters. Your 2 cents.

2. Buy a HUD property to fix and live for the amount of time they required and then sell it. I might still have enough money to buy an apartment cash to fix and flip. Maybe a hard money lender if I am short.

3. Buy the HUD and rent out the current one (not sell). I think I can pull having a second HUD exception because I can prove that I have to move due to a job requirement.

4. Sell the house and buy 2 apartments to fix and flip. I would buy one that I can live in with some of the money and the other one with hard money that would be empty.

5. Not sell the house, get a HELOC and start investing with that money instead of putting all my money out there at once. My concern is that the HELOC wont be enough, I would need hard money for this option. I would have to rent out the house though. I must move closer to my job no matter what.

6. A colleague recommended LOCs too, haven't done my research yet..

7. Joint Ventures are welcome, not sure if good starting out.

Biggest concern is should I get the money and "dive in" or should I keep some of the money and start slow? Should I use hard money and not use my own money (other than for the required fees involved)? And, keep my own money as reserve? I wont have a second chance on this. I must use that money wisely. I don't mind personal sacrifices of quality of life, personal space, or amenities.

I know this a lot but you have a very good idea where I am coming from. I appreciate your honesty, I am a big girl (not literally). I can take it if I am ALL wrong :)

Hope this gets the ball rolling. I am sure seasoned REIs can provide sound advice and newbies will benefit from it as well.

Putting on spotlight, some of the big players here...sorry guys (not really!)

@David Dey

@Brandon Turner

@Wendell De Guzman

Can't wait!

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