New to real estate

[Jim McVay]

Hi everyone!

I’ve been listening to the podcast for a while and I’ve always been interested in getting started with real estate. 

I built my first home in 2019 and recently decided to downsize. I was able to completely pay off my previous mortgage and I am left with a little over 250k cash. 

Originally, my plan was to go the Dave Ramsey route and use the 250k to pay off my new home. 

Now, I am thinking about keeping my new mortgage and using the 250k to invest in real estate with the hope of creating some passive income. I plan to put the money in a CD for the next year or so while I expand my knowledge base, and allow this market some time to cool. 

I’m here to learn and if anyone has ideas on how I could improve this plan, or advice on where I should start, I'm all ears!!

[Paul De Luca]

@Jim McVay

I agree with @Karl McGarvey . If your plan is dependent on what the market is doing, your plan will always be out of your own control. I'm all for self-education through books/podcasts/courses etc but the best way to learn is by doing. Make a plan that you can execute on today. Build your team and they'll be able to help you achieve your goals.

I love the contrast of the people that decided to sit on the sidelines in 2020, 2021, and the first half of 2022 due to the market being too hot and then when the market cools people still continue to sit on the sidelines. Both are decisions not to act out of fear.