Looking for Guidance Now That We Made a Change in Location

[Michael Svoboda]

Hi BP community

I have been an avid BP podcast listener for months, and motivated to get into real estate buy and hold and buy and flip. I am sure that’s not the first time that was shared on the forums, lol. Thanks to recent changes in our lives, I feel more equipped to make this goal a reality and ask your guidance/feedback.

Background: My wife and lived in Chicago suburb (Bartlett, IL) and we were just going through the motions at our jobs. I had a 90 min commute one way and was at the same W2 job for 15+ yrs and both my wife and I were looking for a change. I convinced my wife that “tomorrow is not promised” and we put a plan in action to move. We worked on refreshing our home during the weekends and evenings. It was hard work but was worth it, because we sold it in two days more than asking price.

I did limited research where to move, but I absolutely knew we didn’t want to live in IL and pay ridiculous property taxes ($850 p/mth, 2,200 sq ft home). We moved to the Indy area and brought new construction home in the Brownsburg area. Now my commute is just 20 mins, our property taxes are negligible and now have the means start a real estate portfolio on the side.

Since we downsized, our fixed expenses are significantly reduced, we have the desire to move forward and either buy and hold or flip and sell. I continue to listen to BP podcasts daily but paralyzed by the next logical steps. We have a pro membership, created a spreadsheet to learn the key metrics, have adequate resources and high credit score. Now what? I

I was asking for your input on the next actionable steps. I am confident I can do it but I feel need the push/motivation to make it happen. Open to your wisdom. 

Thank you for taking the time to read and hope this wasn’t too long, I wanted to provide some context about me.