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Updated over 7 years ago,

User Stats

39
Posts
29
Votes
Kassie Carrell
  • New Braunfels, TX
29
Votes |
39
Posts

My first investment. What should it be?

Kassie Carrell
  • New Braunfels, TX
Posted
I posted a few weeks ago about my rental property being worth 120k and trying to figure out my cash flow then the discussion led me to decide if I should sell or keep it to get out of debt. I sold it for 125,900 and we close on June 28th. The inspections have already been done and there's only a few more documents to sign for it to be all be final. Because of this move I will be on baby step 4 of the Dave Ramsey Plan, Investing! I will be completely out of debt not owing on anything and will have my 6 months of living expenses in my savings. My question is this. I will need to save for at least 6 months to have 25k saved up to invest in some property here in New Braunfels. In the mean time what should I be looking for? I was thinking a small property I can fix up and turn into a rental. I'm wanting to get my feet wet, but understandably I'm a bit scared. I'm a single mom with three teenage daughters so I need to start with something that I can handle. I listened to Meghan McCallum's interview two days ago and after listening to her talk I can't help but feel motivated to follow in her footsteps. I want the same kind of life for myself and my children. I want to teach my daughters like her mom taught her to invest in real estate. I have been a stay at home mom and clothing designer since I got out of the Marine Corp in 2000. In March I was divorced, husband (ex husband) moved off to Houston and I find myself the sole provider with little as far as education goes. I have an associates of Science, but never finished my bachelors. I decided the fasted way to get back in the game of life would be to get my CDL. In July I start school and will start driving a dedicated route here in Texas so I can be home with my girls every night. The VA is paying for my school through the chapter 31 program. It's only 4 weeks long and I figure this is a good quick way to make money so that I can start investing as soon as possible. Obviously I don't want to be a truck driver the rest of my life. I'm doing this so I can make the most money in the shortest amount of time. Starting pay is 50k which by some standards here isn't much, but for someone that hasn't been in the work force for 17 years it's a good start. I have money coming in from a few other avenues so most of the money I make minus 1k will go into saving for investment properties. Whew... sorry so long winded. So again my question now that you know a little bit of my background is what should be my first investment? I flipped the house I am selling now and I loved it. We did most of the work ourselves and I did all the interior etc. You can find it on Zillow I think 5002 Bevly Corpus Christi. So you can see I am very detailed oriented and I'm not afraid to get my hands dirty. I'm scared to death, but so excited about taking charge of my future and making an amazing life for me and my girls. One more thing. I have read all the Rich Dad, Dave Ramsey, Millionaire Next Door,books etc. I feel like I'm reading the same thing over and over. I get it. I know what to do and not do. What can I read that will help me learn about real estate investments? Learn terms etc so I can speak the "language". I need a fresh book to read that will give me practical steps to take. I don't want to know more statistics. I'm so hungry for information and I want to join a group here in NB to meet others and learn. Thanks everyone. I hope I can be of value one day to Bigger Pockets and give back. Kassie

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