Start Investing now or wait a year?

Question

Hi people, I really need your help making a decision. I've learned a lot about real estate investing. I decided to start with flipping single family houses. I even made plans on how to invest with creative financing I read a lot of books includingJ Scott’s book, (both of them), and Brandon’s book on how to invest with no money down. I finally feel that I'm ready for it!

The thing is, that I recently found a great job where I can save about $400 a week (it’s a part time job -as a teacher- where I work till 3 pm).

Another thing, I have been approved for a credit card for the first time in my life.

So here is my question: Should I start my RE business now and I know i will spend the money for a lot of things that comes in the way by starting a business including a car which i now don't drive...

Or, Should I wait a year and save up the money for my first flip and in the same time build my credit to be able to lend the rest...

Or maybe there are other suggestions for me?

Now everyone, please take a moment to share your opinion, it will really help me a lot and I’m pretty sure there is more members here with the same or similar questions.

Thank you in advance!

Yisroel Kaufman · Answer

Thank you so much for the advice! I think I'm going to go with the waiting. Although it's hard because I wanna do it!!! But I'm still gonna wait because it sounds like a better plan.

There is one problem though, the main reason for me waiting is to build up a relationship with experience people. So what am I going to tell them? I need advice from you for next year?..

Rosston Smith · Answer

Wait a year and save up to,become more established and comfortable where you are now financially.In the meanwhile, study hard and focus on your niche.

Dan D. · Answer

I know this post is a year old, but I feel like I'm in the same shoes you were a year ago. I'm very excited to start this investing thing, but I need to pay off some debt first. Also, the wife is saying, if I'm really serious about this investing thing, waiting a year to pay off debt shouldn't make a difference. I see her point. Hopefully your year of networking paid off. Have you made your first purchase yet?

Rosston Smith · Answer

Just inform them you're an aspiring investor looking for guidance.

BAM!

That's all you need. Then just network with people here in the forums. There's guy like me who wouldn't mind skyping and discussing real estate and investments for hours in end!

Chris T. · Answer

@Yisroel Kaufman

It depends on many factors such as your risk tolerance, the kind of market you're looking invest/flip in and what are your experiences so far?

Have you network with other local investors to pick their brain and experiences? And share your ambition and get feedback?

How much reserve do you have? Having a CC is great for emergencies but that should be your last option.

Some people jump right in after reading a few books, others take a while to get educated first and start with baby steps first. Some never get started.

My opinion, it sounds like you're starting out. You should get more education, network, build your reserves and credit history first. Perhaps JV with some seasoned investors to get more hands-on experience.

Start Investing now or wait a year?

Start Investing now or wait a year?

Most Popular Reply

5 Replies