So many options!

[Jp Kilduff]

Hello from Cape May, NJ

I am strugling to find what niche would suit me. I am initially considering wholesaling as my vehicle because that's what I was pitched at a Fortune Builders seminar a couple weeks ago. I just recently found Bigger Pockets and have been reading and listing to podcasts and it seems as if it may be more involved than I thought. By no means am I scared of being in over my head (I actually perform very well with my back to the wall) I just want t sure that my first steps in REI are the right steps. I will probably be moving out of the area within the next 2 years once Uncle Sam tells me to so I'm not sure how invested I should get.

My neighbor is a contractor that does rehabs on residential and commercial properties so I think I have a contact there. I've read about all the ways that you can invest in buy and flips without any out of pocket expenses so I would almost consider doing this before I even tried wholesaling.

You know the biggest problem with REI is that there is SO MANY vehicles and exit strategies and I'm not sure which one would be right for me yet. I'm sitting on a 30K self directed IRA that I would love to put up as hard money since I don't think it is enough to fund an entire deal.

I'm a kid in a candy store waiting to fill up my basket!

John Paul

[Jp Kilduff]

@Michael Boyer I've been in 15 years and I've only been able to do this once when I was stationed in Jacksonville, FL. I still own the home and I'm making $200 on it after all expenses. Unfortunately I've stationed in places like Key West (too expensive), St. Louis which I lived in Govt housing (I wish I would have bout there!) and Cleveland where I was just too young and scared to purchase a home.

But, it's never too late. I'm looking to buy here in Cape May but this time it will be as an investor rather than a owner/occupant. 

I've looked into some of the options for promissory notes and it looks as if there are quite a bit of issues that could pop up and expenses that, if you don't have a pot of money, could bite you in the butt. I think I would like to start out as a small private money lender. I looked in the marketplace/business and see that most of the private lenders are 100K+.

Needless to say, I will be putting myself out there to be a 30K and under private money lender.

John Paul