Evaluating - Goals / Plan of attack

[Tim G.]

First official thread on BP besides an intro, I can't wait to look back on this in a few years and laugh at myself. :D

I am researching what will fit best for my needs as an entry into this business. As a single male with no expenses, dependents or write offs I'm getting killed on taxes. So I am seeking a way battle that while also allowing me a way into the real estate business. I am debt free, have solid savings and add 4-5k to it each month. My only expenses right now are food and rent the rest is covered by my employer.

I currently rent a 3/2 near the beach and sublet two rooms. Allows for cheap rent and its worked well for two years. So one option would be to purchase a similar home slightly further away from the coast and do the same thing. Homes in my current area are in the 4-500k range, 2-3 miles inland they can be found from anywhere in the 150-250 range. Rooms rent for 5-700 around here.

It has also been suggested I look at a cheaper condo in the 80-150 range and rent it out, something about condos scares me though.

I have access to a lot of resources where I grew up in Michigan in one of the few growing cities there but I would rather be local to my first investment if possible.

I am still in research mode but as I sit here and read I realize I've got to post even if they are dumb questions and some guidance would help. Then I can direct my attention more specifically in one direction instead of just racing around the forum with little to no direction.

[Account Closed]

Rehabbing is going to be an active endeavor and is very much a business. You can learn a lot from fellow flippers here.

You may be able to qualify as a real estate professional if you are actively flipping and buying rental properties. This can have huge tax advantages.