Be Patient, Learn the Ropes and Build a Financial War Chest?

[Vincent L.]

Hi folks,
Like so many members and lurkers, I stumbled upon BP while surfing for info on real estate investing and what an amazing information resource it is!!

My goal is to derive sufficient income from doing real estate deals so that eventually, I wont have to worry about losing my day job and be able to retire comfortably in the later years.

My question as a newbie is about my particular situation and plan:

I am 41 yrs with a low six-figure income and I have excellent credit. Realising that not having easy access to money have inhibited many people from achieving their entrepreneurial dreams, I decided to embark on an ambitious savings goal and was able to save $200,000 in 5 years. Starting this year, I plan to save another $350,000 in 5 years which would result in a total of savings of $550,000 by the end of 2017.

So, with the record low interest rates and low house prices, should I get in and try my hand at REI before things change?; OR should I stick with the original plan of building a financial war chest while networking and learning more about this business?

BTW, I became an accidental landlord 2 years ago when I rented out my home in So. Florida after discovering that the associated monthly expenses related to owning a house was affecting my ability to maintain an aggressive saving schedule.

I would appreciate any insight or opinions and I hope I too can become a successful contributing member on this board in the not too distant future.

Thanks!!