Sold my B2C comp for $1.3m, Real Estate wanna-be next 5 steps

[Sunshine Bizz]

Sold my B2C comp for $1.3m, Real Estate wanna-be next 5 steps. 

Guys, i was a authorized dealer for a wireless provider (B2C) company and operated across 4 states and managed 30+ locations. Sold my company and am exhausted. 

Goal --> I would appreciate if some of the investor can share what next 5 steps they will take which will help them build a rental Real Estate portfolio of $5m in next 5 years. 

My background --> IT consultant with IT and Accounting background. Have managed a few properties in the past. 9 years ago went through a Chapter 9 bankruptcy, have a credit score of 722 with $1.3m in the bank account. 

Positive point --> I have a family friend who is a builder who can help me with rehab properties. 

The ask --> What 5 steps you will take that can provide me with some guidance where to start for Rental Real Estate. 

Struggle --> Too many options, start with B Class neighborhood or C Class, should i ask for a loan? Should i simply invest in RE and then ask for a loan later for my next batch of investment(s)? Should i look for Multi-Family homes? What ROI should i care about now? 5%, 6%, 7%, 8%? Should i buy new properties giving me 6% ROI? Then go into rehab and rent them out?

I know this is quite a lot to ask but i will promise to share my results with you guys through this journey as an open book if you like. 

Regards, 

Sunshine

[David Faulkner]

This posts should get all the sharks on BP circling ... Sunshine, your inbox is about to be mega-spammed from unsolicited offers from snake oil salesmen. The first step I would advise would've been do NOT announce on a public forum that you have $1.3M in the bank ... it will not attract the kind of attention you are going to want ... oops lol. Keep a low profile, network locally, and if/when you find somebody knowledgeable that was willing to sincerely take the time to talk with you and try to help without selling you something before they new you had a dime in the bank, then that is somebody you should consider taking advise from and maybe even working and/or partnering with. In the meantime, roll up your sleeves and get to work getting some hands on experience. Start with some small bets where you can learn a lot without risking a lot ... compounding of knowledge and experience are every bit as important as compounding of capital. Sometimes starting with a ton of money can actually be dangerous and a disadvantage, so I'd honestly advise starting out pretending that you don't have much capital until your experience catches up. Go for some solid, lower risk, higher quality investments to start ... try to hit a few singles and doubles in your local market to get your feet wet before you go swinging for the fences trying to hit a grand slam homer that seems to have huge ROI ... stuff that seems too good to be true usually are, especially if you are a newbie without the experience to spot all of the risks that usually come with the promise of higher ROI ... experienced investor will be better able to spot and either avoid and/or mitigate these risks to capture a higher ROI, but in the beginning chasing after them can be dangerous because you don't yet know what you don't know, so take the time to learn the game on lower risk, easier to manage, and yes potentially lower ROI initially assets in the beginning.