If You Had $100k To Make A Career In Real Estate... Your Plan?

[Alessandro A.]

If you had $100,000 to make a career in real estate, and you were young, healthy, willing to learn and get down and dirty, how would you make it happen? Living in Charlotte, NC.

[Clark Kirkpatrick]

I have an opinion about this! My situation is similar, and I'm partway through the following steps myself. It's going well so far!

Steps in chronological order:

1. Find a house hack. Get a 2-4 unit building, live in one unit yourself and rent the rest out. Put as little money down as the lender will allow, and keep the rest for cash reserves and your next deal. This way you'll get into a deal for cheap and you'll learn to do repairs and manage tenants. Read How to Invest in Real Estate by Josh Dorkin and Brandon Turner.

2. Once you're comfortable with that (for me, 3-6 months later) go out and find your next deal. Ideally it would be a BRRRR, so you could buy the deal with cash and rehab it. Then you rent it to somebody and do a cash-out refinance with the bank, so you pull all your money out of that deal to use again. Read the book Buy Rehab Rent Refinance Repeat by David Greene.

3. Repeat step 2 until you're either too rich or too tired. Read Tax Strategies for the Savvy Real Estate Investor by Amanda Han and Matthew McFarland.

4. Once you've got a few deals under your belt, go out and find partners and investors - in other words, raise money for your business. If you can get good at this, your potential is unlimited. Read Raising Private Capital by Matt Faircloth.

5. Expand your farm area. Read The Book on Long-Distance Real Estate Investing by David Greene.

6. Retire and fund other people's deals. Read The Book on Real Estate Note Investing by Dave Van Horn.

Good luck!