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Updated over 5 years ago,
Building a Plan & Direction
Hi BP community:
I've been using a phased approach to start my real estate goal and looking for your input, please.
The first step was to move out of state that charged ridiculous property taxes and since we're empty nesters really no longer need our big home. We downsized and moved from IL to IN and gain relief from paying high taxes.
Next goal was to save enough dollars to invest. Since we have smaller payment we have more funds available to invest. My wife is insistent on having a plan in place in writtten form to make sure have solid direction, -- fuzzy goals fuzzy results.
I struggle if makes sense to find a home to flip and have more cash reserve or buy a single family home. I also know I have read and heard many times that it's better to do multifamily approach too.
I been doing some research on BP for a business plan examples and or templates but haven't found what I'm looking for-- yet. Can someone please offer some advice. I am not sure if I am overthinking it on how detailed it needs to be or can/should be more general which allows for more flexibility.
As an FYI more context about me, I live in the Indy area (Brownsburg) and my wife and both have W2 jobs so have reasonable reserves. I have not been to a meet n greet yet since I moved from Chicagoland only a few months ago. That is on the list in a few weeks, Hope that provides more about my background.
I request and encourage input & guidance, Thank you. Michael