Beginner getting started in investing - fix/flip or buy/hold

[Sreenath Gangula]

Greetings, Just became a BP member this morning! Heard to podcast#66 yesterday. Very impressive stuff.

I bought my first single family residence for primary residence last May (2013) and am thinking to invest on a rental or fix/flip. I am from Olympia, WA.

Strategy considering - focusing on foreclosure auctions to buy do a quick fix to flip or hold for rentals.

I have a steady income full time job. Have some Roth IRA and retirement income considering to show as security for a loan. I will read the beginners guide today.

Any insights that the pros would like to share with me to get started. Will partnering with someone the first time a good idea to raise revenue as well as get some experience?

Is it a good idea to pay a foreclosure broker to find good deals? Did you guys hear about Vestus foreclosure solutions. Is paying 3% on Fair market value or assessors value reasonable. Or should I be avoiding that.

Any pointers are welcome

[Paul Timmins]

@Sreenath Gangula

Welcome. Time to build the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 60 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good luck

Paul