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Updated over 9 years ago,
Can't figure out how to get to the next step
Hello everyone, my name is Wayne, I live in Michigan, and I am a newbie to BP.com.
While a newbie here, I do have some experience in the real estate game.
I have two SFR condos rentals that are doing quite well at approx. 15% ROI.
These were purchased with my self-directed IRA LLc.
I would like to also get started with a non-IRA llc.
I do work a full-time job M-F but it does allow me some flexibility to search for deals.
I have funds for Rehab costs, but not enough cash to make the next purchase and not experienced with obtaining other peoples money for investing. Someone told me that if you are an investor, YOU WILL ALWAYS RUN OUT OF MONEY! (This is a statement of fact, not a request for funds - per site guidelines)
My current strategy is purchase maybe 2-3 flips (one at a time of course) and hopefully 1031 that capital into another rental. Then repeat the process again. I also have an interest in Multi-family, but not sure if i am ready for that game just yet.
I don't currently have a mentor and have been working my strategies alone. At this point i am stuck in "Analysis Paralysis". My confidence is shaky at best and not sure which steps to take first. Find the deal then try to find the money? Can I analyze the deal correctly to get the money? Do I need to get to know some contractors first? On and on and on..........
I will be attending a free visit to a local real estate investment club on the 21st, hoping to meet some locals and get myself refocused in a single direction.
So this is my introduction and I am trying to get my name out there to see what feedback and if there are any locals on here that can help me get my head straight.
I welcome all feedback, and look forward to conversing with as many as possible.