Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 8 years ago,
Seeking help with getting aligned.
Hello, everyone.
I am a new member to the BP community and am looking for some advice on how to best align my actions now with my REI goals.
I've recently decided that it was time to stop thinking about how cool it would be to make a living investing in real estate, and start making it happen (wrote a blog on here about how I got to that point). This is what led me here to BP! I've spent the last week, or so, digging around the site and trying to read through what I could (started with the Ultimate Beginner's Guide, which was a great starting point), and listened to a couple of the podcasts.
After looking through some of the REI options laid out around here, I still come back to what I have thought all along ... I want to eventually become a fix & flipper. I'd also like to own 5 or 6 cash flow properties that I'll either manage myself, or pay a management company to do so.
So, starting with the "end" in mind ... I'm trying to lay out a plan to get myself there. I have a full-time job, as well as a wife and three kids that I dedicate time to each day, so I don't always have an abundance of time. But at the same time, they are all supportive of me chasing this dream. I make good money in my current job, but that is also the main source of our income. We have been knee deep in a plan to clear the decks of any debt that is not our mortgage (ie. Cars, etc.) within the next 1.5-2 years, at which point I'd have more money available to invest in properties. Meaning I wouldn't be comfortable taking too big of a risk, yet. We own our house now, and also own a rental property that is across the country (was purchased as our primary, turned to a rental when the housing bubble burst and we decided to move back to WA).
That's a little of my story, and what I'm looking to do. Any advice on what would be the best use of my time and effort here in the beginning?