New in Brooklyn, NY

[Richard Smith]

Hi BP community!

I'm new to BP and, at least in terms of real knowledge, new to real estate investing. That said, my wife and I have done pretty well for ourselves stumbling into REI just as home buyers. My first house was bought in the Inland Empire area of SoCal in 2001. We sold 3 years later and walked away with over 100k in profit. Moved to Brooklyn NY and after pissing away that profit because we didn't really know how true REI works and didn't think we could afford to invest in the local market at the time, we finally bought our second home, a two-family brownstone, in 2011. We are currently strongly considering relocating again and 4 years later, based on the current market, have at least 500k equity, so stand to make a significant profit again. This time I don't want to make the same mistake of letting the money slip though our fingers with nothing to show for it, so have been reading up on the BP blog posts, forums and listening to the podcast. My goal is to by my own next home free and clear, then turn the rest of the profits from this sale into a buy and hold rental business that will allow total financial freedom w/in the next couple of years. I'm not averse to flipping houses, and have a strong background in remodeling/construction, but I'm really looking for short and long term passive income. Some great info here and I've got a bunch of questions which I'll post shortly to the appropriate topic areas.

This looks like a great REI community and I look forward to picking your collective brain!