Stuck in Strategy Paralysis

[Michael Murphy]

Hi All:

Newbie to the industry with the goal of transitioning out of my current career and into the full time investor world. That said, i know Im 2-3 years out from achieving that objective should i execute the right strategy. I've taken the toughest steps (in my mind) to get the wheels in motion and commit to educating myself so I can break through my fear of getting my first deal done. Currently have a demanding full time job, wife & 3 toddlers at home, so the BRRR/House hack strategy doesnt sound like a realistic option for me. Don't have much in terms of cash savings, but have cash availability via home equity, 401k, and some other cash investments currently managed by my finanical advisor. My gut tells me to try and flip some median single family homes, build up some short term cash for my entity that i can then leverage to start investing in larger mutli-family/apartments than will produce cash flow and ultimately put me on path towards being able to leave my current career and fully delve into investing.

Right now: I'm paralyzed. Wholesaling doesnt seem to fit my personality (Low D/High C) or really make me excited about investing (at least from what ive read and learned about it). BRRR doesnt seem to work based on my current life situation.

Should i lean towards single fix & flips or small multi family with plan to leverage a refi so i can purchase another one?

I live in Southeastern Mass and my heads spinning as to whether or not to pick one of the above strategies for where i live or if i should look outside of my market

Anyones guidance/suggestions to help me get rolling would be greatly appreciated!  TY!

[Brian G.]

@Michael Murphy if you have money but not a lot of time or experience, find those with a lot of time/experience and do a jv with them using your funds. There are people who will partner with you on a flip for example that you fund and will split the profits with you. You get to learn by working with a seasoned person thus providing added safety and you get to earn some returns on your cash. In terms of the BRRRR, you absolutely could do that as a busy person with a family at home. The challenge is in finding a great deal and managing the project (ie you don't have to do the work). Again, the safest way is to work with and learn from other experienced investors. Step one, find a local REIA meetup and go regularly. You can meet and network with other investors there.