Toes in the water from Maryland!

[Christopher Mossburg]

Hello all, 

I'll try to keep this somewhat short yet informative (cliff notes at the bottom). I stumbled across this through a blog of Brandon Turner's... So... Like his blog suggested I came here and signed up. I'll utilize my next week or two to lurk around before I start to probe and pick at the members here on deciding if this is (or isn't) the path for me. 

Well... I'm 27 (I hate when people start with their age in an interview) and have been somewhat successful in retail sales. I work for a large retailer in wireless and am a district sales manager with 8 direct reports and 50+ total people under me. I enjoy sales and enjoy people. Started as a sales consultant right out of high school and worked my way up the ladder but the fact of the matter is... I want something more. I do okay financially but I just want more. The drive that has brought me to this point is now pushing me inside to do something greater with better financial reward for myself and my family...Which has lead me here. 

Why this? Why real estate? I love people (for the most part), I love sales (or the challenge) and I like the idea of playing with real estate (more in to that later). I currently own a town home condo with my wife that we jumped in to as soon as she graduated from college. It's been good to us. We bought it brand new, outfitted it with far to many options but in all honesty I really don't regret it. At the time I wasn't thinking business and having nice things for a few years has really put the taste of money in my mouth. Now... We're looking to build a new house on a piece of land (2.5 acres) that her parents have graciously given us. The idea of selling the house was her... Renting was mine. I won. We payed $338k for our home and currently owe $310k. It's an FHA at a 3.25 fixes. My monthly payment with escrow is $2025 (It will drop to around $1650 in 2 year). Similar models (and smaller ones) are currently going for around $2500/month. That being said... ours does have more bells and whistles and (i feel) shows nicer than the others. The additional $500/month while someone pays my mortgage is what eventually lead me here... Now the next step... If I want to get in to real estate/renting/flipping... What,when, where, how should I proceed... ?

So this is my current situation in what i felt mattered in the blog I read... (cliff notes start here)

Age: 27

Income: $125k/year (realistically I can't abandon this income source until i'm able to get close to it but i'm not afraid to put in 15 hr days to make it work.)

Credit: Working on this but im right around 800 give or take 10-15 points month to month.

Current Debt/Income between my wife and myself: 17%

Own one home: Approx Value is $390k and I owe $310k on it. 

Cash on hand: By the end of 2015 we should have close to, if not at, $100k. 

What attracts me about renting? I wouldn't mind putting in the time to police my own properties. I live right on top of a military base/nsa which generally brings in more officers and specialist than your typical base and I have good resources inside the wire to insure i'm putting the best butt in the seat when it comes to renting it out. I like the idea that someone else can pay for my investment while still giving me a little money on top of it.

What attracts me to flipping? Buying something that needs work (which scares people) and flipping it in to something. If I prove the profit in the flip I could potentially have a few people to invest in properties with me. I also have resources on the construction side that have good prices, are fast and do quality work. I loved outfitting my current home and i'm loving the design process of my new home. I've essentially learned home to use CAD all over again and pretty much designed the entire thing myself. 

What attracts me to real estate? I think working in wireless retail has really helped guide me to becoming a good sales person. Really listening to a customers needs and finding solutions for them and on top of that uncovering needs that they didn't even know they had. I genuinely enjoy providing an outcome that makes peoples lives better and builds a relationship that keeps them coming back and sending referrals.

Any direction would be GREATLY appreciated!

[Christina R.]

Welcome to the BP Nation.  You're not to far from my neck of the woods.  I suggest the free Meetup that many local BP members attend. You'll start to get a feel for all your questions by attending and networking.

http://www.meetup.com/bwimeetup