Got my first deal out of the way, where do I go from here?

[Tony Aliatim]

Hello Everyone,

I am an investor based out of the suburbs of Detroit and am looking forward to networking and meeting people on Bigger Pockets :).

A little backstory: I am an engineer by training but now have a well paying job in Sales. My friends and family call me an idea guys as I am always coming up with strategies to gain more financial freedom. This lead me to real estate back in 2020. 

At the time, a property basically fell into my lap as my dads friend (who is a REI) had a home which he offered to me. I was able to buy it cash, pay for the renovations myself, then flip it with seller financing for a good return. My buyer has been GREAT. Absolutely no complaints and he is awesome to work with.

After this success with my first home, I felt like I had accomplished my goal of "getting into real estate," so my ADD brain jumped to the next idea. Since then I have started another company and dabbled a bit in online retail, however now I want to get back in, and continue, growing my RE portfolio to better diversify my Assets. 

Given the run-up in home prices over the past year I have been deterred from exploring more RE as I did not want to spend over asking price for a property. I feel like there is an opportunity ahead for some amazing deals through some sort of correction and have been stock piling cash just in case. My biggest internal question is, do I put that cash into my business opportunities, or RE? 

At the moment, I am leaning towards RE. Even though I had success with the single family home, I would like to transition to more multi family deals such as mobile home parks, apartments, or even storage units (not a MF deal but still something I am looking into). My goal is to increase cash flow as much as possible.

Thats my Rant, pleasure to meet everyone! If anyone has some opportunities they would like to discuss, I am open to listening and would possibly be interested in investing with someone if the deal is right. 

Tony

[Wale Lawal]

@Tony Aliatim

Getting into multifamily is a great option.

Make sure you know the market well and have adequate knowledge of the multifamily deal process.

Get in touch with a local agent or investor and shorten your learning curve and save you a lot of headaches as they tend to understand the market better.

All the best!