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Updated about 8 years ago,
Need advice/tips on taking my investing to the next level. Thanks
Hello everyone,
I just wanted to throw my situation out there for others to read and possibly give me some tips or advice on what they would do.
My ultimate goal is to have rental properties that cover my monthly needs and to become financially free. I have a wife and 2 kids and we recently (4 months ago) purchased our first home with a conventional loan.
I started wholesaling about 8 months ago and have 2 wholesale deals under my belt. Prior to wholesaling I purchased 3 vacant lots that I'm currently financing out to three people for $300 a month each. But Of course those will all be paid for soon and the passive income will stop coming in. I'm wanting to acquire my first rental property as soon as possible and just not sure which route I should take. My plan is to wholesale more deals and save up enough capital to purchase my first one. Is that an ok plan? Should I try and get another loan for an investment property? I've also been looking into BRRRR… Maybe I'm suffering from the shiny object syndrome, Yikes!!!
I’m not a Dr. or big corporate guy making 6 figures either. I’m just an average guy with a decent income that allows my family and I to live comfortably. I hate being comfortable though, so that’s why I’m so hungry for success and want to take my investing to a whole other level.
Any advice would be highly appreciated. If you are in the Houston area and would like to talk more in depth about things I’m always open to buy someone lunch/coffee/beer so feel free to reach out.
Thanks,
Ben