New investor advice on where to start

[Mike Ordunez]

Good afternoon and happy new year ! My goal for 2017 is to get my Real Estate investing career up and rolling and to hopefully end my day job . I don't have and investing experience other then the house that my wife and I have bought and live in currently . I am looking for advice on where exactly to start . I live in the Vegas area . I'm interested in wholesaling , flipping , rehabbing , turn key , mobile home parks , and as the days go by I am getting more and more interested in long term by and hold and multiple doors for cash flow and passive income . The problem I'm having is that I'm interested in so much that I'm stuck and don't know where to start . We definitely need money to help pay off debt . Is it worth wholesaling right away? Or would it be better to rehab a property to sale or keep for cash flow ? Where is the best place to start ? I know everyone's experience will be different , so I will take any and all advice , I am a sponge ! Thank you again in advance and thank you for the time !

[Michael Lee]

Hello and welcome to you both at BP!   It is great having a wife who is a participator in what you are doing.  Sometimes it is not easy, especially when your wife is educated in computer programming or somewhere else.  I am 60 years old now and it is harder. I have been in the construction business nice I was 17 years old.  I had an accident a few years ago and can still not walk and she has been supporting me ever since as well as our daughter who is now in college.

Just do anything you would both of you would enjoy.  I think that wholesaling is a good place to start but you would have to be brave and deal with a bunch of competition.  Another way to do that effectively would be to do that with Fix and Flip that suits your dementions starting out.  That way you have another way to make a living.  They both are usually considered short term ways to go.

In a couple of years you could get into small apartment complexes.  You may have heard about Lance Edwards who started out investing part time but is now a very successful person that now trains.  Lending has lately expanded and includes rehab  expenses too to do the rehab in one loan.  I got into this because my brother agreed that real estate would be more flexible to people had difficulty with "normal" working hours.

That with being an active real estate broker in Texas for about 30 years but I never did that full time. When starting out doing investing in real estate just make sure you forming some type of corporation or a LLC. You might want to hire an attorney and/or a CPA to advise you after you have selected your niche. That should not only protect y'all personally in legal matter.

Do what is average in that neighborhood.   Do not try to do everything yourself.  Be patient and persistent.  Rental units tend to be long term investments.  I would recommend that y'all join a local club or event in real estate investing and does not want salespeople who make sales pitches to an audience.  If you have noticed the Internet opens the door for people who want to take money out of your pocket by emotional sales.  Just be aware of that.  

Good luck to you both!