Money saved now what?

[Andrew Doyle]

Hello all, 

I have enough money saved to put 20% down on another property, own my primary residence and one rental property.  I am looking to expand and want to layout 1, 3, 5 and 10 year goals.  I work a 9 to 5 and my central goal is to be a real estate investor full time (hopefully 5 years from now or sooner).  My plan is to do both buy and holds and some flips to help inject some cash and excitement.   Are there any good reads or other resources that would provide some sample road maps?   

Thanks for the help! 

Andy 

[Matthew Perry]

Where do you want to buy this property? What market are you laser focused on? You mention a plan and wanting to layout 1, 3, 5, and 10 year goals. Great, but be sure to differentiate the plan from the goal. The plan is just the mechanism you use to get to the goal. I actually take the contrarian viewpoint that you do not need to get your real estate license. Could it help? Absolutely, but it will be helpful for the small handful deals you are representing yourself in an open sale, but in private sales it is becoming harder and harder in the current market climate to say I want to buy your property and you are going to pay me a commission on top of that. Think about what your goals are first, and then know where you want get your property in after that it is knowing that market, getting in touch with key drivers within that market, maybe if it is close to where you are getting involved with he real estate investment group or association. Everybody's map is ultimately going to be different- how I got my first properties is going to be different than you but if you stick to what you want to, trust your own judgment, and do not allow yourself to be caught up in the fear you will be fine.