Homeowner looking to start investing

[Tom Depuma]

I bought my first home in 2014 which my wife, son and I live in! I have roughly 200k in equity  I'm looking to take the that and start investing into real estate. What's my first step?

[Mateusz Prawdzik]

@Tom Depuma First thing is to find out what you want to do, wholesale? Flip? Buy and hold? Commercial? After you determine what you want to do, you have to establish where you want to do it. NYC is very tough right now because people are buying left and right and don't care what they pay; therefore, I would go to somewhere like NJ. NJ has it's hot markets where people pay crazy prices no matter what but it's slightly mellower than NYC. Next, you have to determine the town you want to go to. Study the town, where are the good and bad sections of the selected towns are and then look for deals. Next, you have to determine how you will be managing the project. Are you going to have a project manager( PM) or are you going to hire and manage all the subs like I do.  Once you find a deal, the best thing to do is to just put a bunch of offers in. Get use to getting declined because it will happen a lot. Let me know if you have any questions about the process when you find the deal. These are the basic steps to starting with a good sum of money like you have. Connect with me and ask any questions you like. Just 10 months ago I was in your position with way less money, and now I am working on flip #9.