In need of advice to finally start investing.

[Omar Herrera]

Hello BiggerPocketers!

So my wife and I are trying to get into investing into real estate “Rental Property”. Our goal/path we are looking to take is buying 100k-150k, 2 bedroom apartments in order to rent them out. We are looking to hold this apartment until retirement so we can have this properties as our retirement plan. We would like to leave our jobs and retire as soon as possible since we feel miserable at it. It’s a good paying job so I guess we could really save and keep investing to keep buy multiple apartments to achieve financial freedom.

We have 0 experience on real estate neither have anyone around us who is experienced.

We are thinking in funding our first down payment out of my 401k money. We are areola to take out first a loan on it of 50% of the money we have on it and then take the rest as hardship for a real estate investment. “No penalty on taking to money for a real estate investment”. At the moment I have $50,000 so it will be $25,000 on a loan out of the 401k and 25,000 hardship.

We are struggling on finding a good real estate agent who understands how to find good rental property investment. All we have found are agents who send us multiple apartments listings listed in the MLS without no depth in why we should invest in this.

We live in Miami, FL. We are looking to invest close by if possible but have an understanding that Miami isn’t the best place to invest.

So I guess my questions are, How do I find a good real estate agent? How do a learn which properties are worth investing to? Should I put down on 1 apartment all $50,000 or should I but 2? How do a learn more about real estate rental investment?

I came across The BiggerPockets podcast by mistake about a month ago and since then I’ve read Rich Dad Poor Dad and it has change my life. We were the type of people who would just think about spending our money, living paycheck to paycheck, not having a plan for our future and thank God this have change thanks to BiggerPockets.

Pardon my grammar since I’m not to knowledgeable on this topic and let me know if I should give more information about it.

Thanks in advance!!!!!

[Chidi Nwadike]

Hey @Omar Herrera welcome to BP. Definitely recommend @Travis Lebsack 's advice on the podcasts. I've listened to a couple hundred myself and just finished David Greene's latest Buy Rehab Rent Refinance audiobook. 

As per @Ryan Hogan mention, DREIA (Dade Real Estate Investors Association) meets the 3rd Wednesday of every month at Miami Shores Country club. I don't go often but there are resources there that could be helpful.

As for a specific investments in apartments (technically condos in our area) there are traditional rentals available in your price range but depending on your financing you may not have to put 50k down.

As @Jason Goretzki said there is opportunity for vacation rentals here, I also know of some great buildings in Orlando. Outside of vacation rentals I try to recommend my clients to purchase single family homes or duplexes. There is more maintenance involved but will likely have better cash flow and appreciation.

Either way continue to explore the market, learn about investing and find what you will be comfortable investing in and stick to that. Happy to help if you have anymore questions.