A newbie in needs of advice

[Fatoumata Coulibaly]

Hello everyone one on BP,

I'm new on this forum and this is actually my first post here. I'm an accountant and work 8 to 5 schedule Monday to Friday and live in Cleveland ohio area. I felt like I'm missing being part of kids life. I'm always finding excuse to miss their school activities because of my job. I decided to take action and make changes. I want to be at point where I don't have to rely on my 8 to 5 income. I bought my first investment home(single family) in April 2019. How I bought it is very funny. I did everything wrong. I took personal loans and bought a fix upfor $35,500 and was hoping that another 30,000 could fix it. Long story short, the place is still being fixed as I wrote here it the fix up cost is estimated to $45,000 at this point. For a first time I can't believe how I'm about all this and I can't wait to refine and do over.I was really ignorant about investing in rental until my contractor said something about BP. Since then I been hanging around here and listening to podcasts and reading posting to educate myself. BP has been a big help and it is making me hunger to learn more every day. Since I have been around I read 6 books such rich dad poor dad, financial freedom with real estate etc... I think I need a hand on experience from getting good deals to fixing home

This is my story so what do you think folks? Any advice will be much appreciated.

Thank you all in advance for your feedback.

[James Wise]

Originally posted by @Fatoumata Coulibaly:

Hello everyone one on BP,

I'm new on this forum and this is actually my first post here. I'm an accountant and work 8 to 5 schedule Monday to Friday and live in Cleveland ohio area. I felt like I'm missing being part of kids life. I'm always finding excuse to miss their school activities because of my job. I decided to take action and make changes. I want to be at point where I don't have to rely on my 8 to 5 income. I bought my first investment home(single family) in April 2019. How I bought it is very funny. I did everything wrong. I took personal loans and bought a fix upfor $35,500 and was hoping that another 30,000 could fix it. Long story short, the place is still being fixed as I wrote here it the fix up cost is estimated to $45,000 at this point. For a first time I can't believe how I'm about all this and I can't wait to refine and do over.I was really ignorant about investing in rental until my contractor said something about BP. Since then I been hanging around here and listening to podcasts and reading posting to educate myself. BP has been a big help and it is making me hunger to learn more every day. Since I have been around I read 6 books such rich dad poor dad, financial freedom with real estate etc... I think I need a hand on experience from getting good deals to fixing home

This is my story so what do you think folks? Any advice will be much appreciated.

Thank you all in advance for your feedback.

You don't need to buy properties that are totally destroyed and in need of major renovation. Leave that to the folks who have the skill set to knock that stuff out. Use your skills to your advantage. You're presumably a numbers person. Buy cash flowing rentals off the MLS that are in decent condition. You have the ability to get 10 mortgages. Picking up 9 (I assume you have a personal home mortgage) duplexes for under $100k that are renting for $1,300+ is a great way to stretch funds & build for the future. No need to do a $40,000 renovation right now. If your career takes you down that path one day give it a go but no need to start there.