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Updated over 7 years ago,
If you were new to REI and had $75k to invest, what would you do?
Good evening, and thanks in advance for any feedback that will most certainly help me "take the plunge" in real estate investing. I'm a newbie, and have been immersing myself in audiobooks, BP Podcasts, etc.. trying to figure out how I want to take my first step in investing.
Technically, I'm already the owner of my first investment, but I'm about to sell and will likely have anywhere from $60-$80k after costs of selling. I'm in a very hot Nashville, TN market, and my current home, built two years ago, served for 7 months as a STR property (short lived due to awful neighbors), and then I was able to get lucky and signed a Nashville Predators hockey player to a 10 month lease fully furnished, cash flowing over $2k a month...
I've learned as the house now sits empty that finding a tenant like that was a once in a lifetime deal, and I do not want to carry the property anymore, as I am living elsewhere and blending families (and costs) with my lovely lady.
After devouring many books, conversations over lunch with friends, etc.. I've decided the most solid strategy for building financial freedom AND long term wealth is simple... owning things... lots of things. Right now, my head is steering me in the direction of buying 2-3 smaller single family homes, or possibly holding off for a du/tri/quad-plex and going the BRRR route.
My goal is to use my equity money from my current property to not just "get into real estate investing", but to keep building a portfolio and progressing as an investor to the point of financial freedom (monthly cash flow AND long term equity build up).
Thanks in advance, and I look forward to your advise and expertise!
-Clayton