New to real estate investing but not to construction

[Demitrius Halliburton]

Hey guys/gals

I am a full time entrepreneur with a background in Finance. I love real estate as I have always been interested in investing. I currently have two properties, one me and my wife stay in, which we bought foreclosed (112,000) and renovated. The second house was an early inheritance gift to me and my wife. The property is 120-130,000 without renovations and only has 42,000 left on it. I worked for a GC ( Father in law) with 40+ years of experience for 7 years before starting my own business so I am well versed in rehabilitation. 

My only weakness at the very moment is the available cash other than the properties we have with the substantial amount of equity in them. I’m excited because I can see that we have a great opportunity to start really investing in real estate. 

I guess my biggest issue is I have analysis paralysis. I am definitely overthinking it and don’t really know where I want to start. I have the rehab experience as well has I’ve deeper dived into sooooooo many real estate books, education courses, risk management books and talked with a few investors. 

What advice could you give to someone like me that has this burning passion to get started but doesn’t really know where to start? 

[Erica Redcross]

@Demitrius Halliburton You have a distinct skillset that is very helpful.  If I had your construction knowledge, I'd be killing it! 😃  I'm new to the game, as I started last year, but I would advise you to determine if you are leaning more towards flipping or buy & hold strategy.  I'm an engineer by training, so my thought process is see problem and find solution.  I gravitate towards flipping because I love the challenge of finding a distressed property and seeing what it could be.  This might be an easier path for you because of your construction background, but you and your wife would have to decide what you feel most comfortable pursuing.  If you decide to go the flipping route, make sure you study the market and determine which towns are most desirable (houses don't stay on the market long).  Once you find a couple of good areas, really look for those properties that are too much hassle for the average buyer.  Walk through them and assess the work that needs to be done even if you're not ready to buy.  Once you get into a rhythm you'll start to feel more comfortable.  Let me know if I can help.