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Updated over 7 years ago,

User Stats

19
Posts
1
Votes
TJ Thompson
  • Investor
  • Danville, KY
1
Votes |
19
Posts

Got money, got time, just need direction

TJ Thompson
  • Investor
  • Danville, KY
Posted

Howdy, ya'll.

I'm 39 years old and retired from my first career (engineering). I currently live on my passive investments, which primarily consists of dividend paying stocks, private equity, and REIT's. My family lives a good life with no debt. But... I'm getting antsy for a little more action. I've dipped my toes in REI before (owned a rental, did some HM lending a few years ago, and did one JV as well), and now I'd like to dive in with a BRRR deal.

So I've got about $100K in cash ready to invest, and all the time in the world to make this a success.  My advantages are that I have time, money, financial intelligence, and I'm capable of extreme hard work when necessary.  My downsides are that I have limited experience, no local connections, an introverted personality, and I'm lacking in confidence.

So what would you recommend I do to get started?  There are no REIC's in my area that I've been able to find, and not many people on BP in my area.  Should I go find an investor friendly realtor?  Should I even have a realtor?  Should I find some potential properties I like first?  Are there books, videos, or other info I should check out before choosing a property?  Are there questions I should be asking that I don't even realize?

I think if I had a mentor I could trust this would be so much easier, but alas I don't have one and I'm not sure how I'd even find one.  

I can't tell if I'm being too reluctant to move forward, or if I'm being too aggressive. I think that if I have one successful deal with a flip or BRRR I'm going to become (1) addicted and (2) highly successful.

My goal, I think, is to use BRRR to build up a portfolio of rentals that pays $3K-$5K in monthly income after expenses with as little seed money as possible, and to do this within the next 9 years (when my oldest kid will graduate high school).

Thanks in advance for any help.

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