First-timer and Need help! A whole LOT of it!

[Todd Dale]

I’m a brand new to the world of real-estate investing and would really appreciate any advice from anyone. A little background; I’m 30-years old living in NJ with a well paying job (over six figures). I have decided to form a partnership with my father and together we want to begin building our portfolio. My father is retired, living in North Carolina. We have a combined $80K to invest comfortably at the minimum, or $100K if needed if we find the absolute perfect scenario.

My real-estate investing objectives are not to make a quick buck but to make money in the relatively near future. I would like to have enough cash flow to live off of my investments in the next 5-years. Not to retire, but I would sleep a lot better at night knowing I’m not dependent on one income stream.

I’m not interested in only seeing the benefits of these investments in 30 years or so after decades of building home equity. My 401k is for my retirement, this is for now (or near future). If everything stays consistent with my job and current lifestyle I’ll have approximately $50K a year to invest from my day job.

Now for the questions….

How? Where? When? How much? How long?

There is SOOO much information out there! It’s impossible to even know where to begin. Should we look into doing wholesaling? Or buying and holding multiple properties over the next few years for a steady cash flow? Should we look to buy foreclosures listed at discount rates? Does the flipping method still work after the housing bubble? If so, should we buy an $80K house or should we use that money for a down payment of something bigger? What state should we invest in that offers the best returns? I live pretty close to NYC where your money doesn’t go very far and taxes are high. Should we look to invest in North Carolina where real-estate is cheaper and my father lives, or should go invest in another state completely that neither of us reside?

I know I have so much to learn and just need someone who is knowledgeable to point me in the right direction. I’m anxious to get started. As I said, any and all advise is appreciated. Who would’ve known that raising the money wouldn’t be the hardest part of investing…

Thanks,

T