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Updated over 8 years ago,
Where to start
I am new to BiggerPockets and have read a few publications and posts but still not sure where to start. I was thinking wholesaling would be a good place to begin but not sure. I want to do something with little or no money but not sure of the techniques to get this done. My wife is skeptical about any real estate investing ideas especially if it involves money. I want to get her educated as well. I have been in the industry long enough from doing rehab projects for other investors to know real estate investing can be very profitable. I know there is a great deal of opportunity and plenty of people to offer great advice.
I would like to get to the point where I have a passive income stream but my wife does not want rental properties. She has heard many horror stories from friends and it has turned her off on the idea. I will work to convince her this could be a good thing. I would also like to get to the point of doing fix and flips because I can do the work. Thank you for any advice.
Originally posted by @Chris Mattox:
I would like to get to the point where I have a passive income stream but my wife does not want rental properties. She has heard many horror stories from friends and it has turned her off on the idea.
Everyone has heard horror stories. In reality, its not that bad. Will you receive a phone call in the middle of the night for leaky toilet? Maybe, but its rare. Will you get a horrible tenant who trashes the place? Maybe, but not every tenant is horrible. Some will be great and agree to pay down your mortgage for years!!!! However, rental properties are not for everyone. You may want to consider note investing or using your IRA to lend funds to other investors. Fix and flips are great as well, but you will need money to play. Even with using HML, they typically only extend terms to up to 65% of ARV.
Have your wife watch HGTV, everyone loves the pretty after shots!
@Chris Mattox I would gladly try and help you out. There are ways to spend zero money wholesaling. Let me know I can coach that if you want to get started. Connect with me so I can tell you more.