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Updated about 1 month ago, 11/26/2024
New member here to learn + network in Central Montana
Hello everyone! This my first/introductory post. I'm located near Great Falls in central Montana.
I have been self-employed for about 4 years and love what I do, so my goal is to build total wealth long-term, not to maximize cash flow for FIRE/financial freedom in the near-term. I understand equity and cash-flow are related, but what I mean is that I don't need the cash flow right now as much as I'd like to build a strong portfolio that can cash flow even more later on.
I've owned a single-family rental for 4 years, but on mulitple fronts I felt like I've done a poor job self-managing it, so this Fall I picked up the Turners' book on managing rentals and that's what led me here to Bigger Pockets online. Their book is super helpful, and so far I'm guilty of at least half of all the newbie mistakes they talk about, so I expect my rental operation to improve as I implement their advice over the course of next lease term. However, I'm now reading Dave Meyer's book Start With Strategy to learn more about whether long-term residential rentals is even the best approach or if I should be looking into other strategies, in light of my overall goal.
After Start With Strategy I plan to read Set For Life by Scott Trench, but what other recommendations do you guys have at the strategic level?
And what are some good ways for newer folks to contribute or give back? I know one-sided relationships usually don't last, but given my lack of experience I doubt I can be much of a value-add friend - unless you're looking for insider tips on how NOT to do some things :) So you folks with more experience, let me know what kinds of things turn you up or down when it comes to newcomers.