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Updated over 5 years ago,
Newbie introduction and advice inquiry
Hello everyone,
I’m completely new to real estate investing and am looking for suggestions on where to begin my journey. I grew up in Mobile, AL and currently live in Houston, TX; those are the two areas where I would like to start, but I intend to invest across the country.
Like so many others, reading “Rich Dad, Poor Dad” is what opened up this whole new world to me and motivated me to start investing. Getting my CDL in December 2018 married the motivation with an opportunity to make an income that allows me to save.
My original goal was to build a portfolio of dividend paying stocks as well as to invest in Fundrise and peer-to-peer lending platforms. I rediscovered BiggerPockets while searching for stock podcasts to listen to while driving. I started listening to the BiggerPockets podcast instead and now I can’t shut up about real estate. I still intend to invest in the ways mentioned above (I already have $1,000 in Fundrise), but now I would also like to purchase my first property by the summer of next year (2020).
Based on the research I've done so far it seems to me that purchasing a turnkey property is in the best interest of someone like myself who isn't home on a regular basis to oversee a rehab project. My idea is to purchase a multifamily, ideally a fourplex, and get an FHA loan as an owner occupant. My plan is to have $10,000 invested in Fundrise (the minimum amount for their advanced level) and $10,000 for my down payment on the turnkey property.
I'm interested in partnering with people to do deals, and I'm currently listening to the BRRRR method audiobook. I want to buy and hold single family and multifamily homes, and also eventually get into commercial, land, and mobile homes.
I have a lot of learning to do and relationships to build, so please let me know if I’m on the right track with my thought process. I’m open to all opinions, advice and questions. Also feel free to connect with or contact me.
Thank you
*I also posted this in the New Member Introductions section.