Need advice on my next plan from inherited properties

[Jag Singh]

Hello I am 24 years old. My father passed away in 2017 and left behind several properties for my mother and I to take care of. I handle most of the work as my mother isn't familiar with real estate and doesn't know much. I'm not that familiar with real estate either but am starting to learn a lot by listening to the BP podcast, reading books, watching videos and reading the forums. Also I have several uncles who are in the business of real estate and have way more properties then I do and they constantly give me advice.

All of my Dad's properties are located in a very small town (200pop) with no work in town, it's more of a retirement place where tenants collect welfare and don't really work. We own 2 mobile home parks, 4 homes, and 1 convenience store in that area and one more convenience store in a different city. We are currently in escrow for 1 mobile home park, and both of the convenience stores. Everything we own but one house is paid off.

My plan is to use the money from these closings and put that towards buying new duplex's or single family homes in a bigger more populated city. Also I'm interested in flipping homes from the money we make from the escrows. Is this the way to go for someone who is just learning about real estate and is a complete noob?

[John Warren]

@Jag Singh I like that you are trying to move the money to a larger, more populated town. I would caution you about taking the whole nest egg and trying to flip as we are pretty late in the cycle. If I were in your shoes, I would move the equity into good, solid rental properties in an area that has stronger economics. Maybe try one flip if you want to dip your toe into that end, but don't try to make a business model out of it until you have been successful. This is the 9th inning so to speak in this economic cycle, and probably this is the wrong time to jump into flipping for most investors.