New to Investing

[Edward Johnson]

Hello everyone, I'm Ed Johnson from Baltimore.  I'm a newbie investor, just beginning to get knowledgeable in this business.  I'm about to retire from the federal government, at the end of this year, New Year's Eve as a matter of fact!  I started a residential painting & home repair business back in 2003.  Of course sitting at a desk does not allow someone to grow a business successfully, (at least for me).  It is my desire to learn as much as I can about buying and holding, and rehabbing and selling.  I do have about $65K in my 401K, but of course I want to use that money wisely.  I welcome anyone and everyone who would like to share their wisdom on real estate investing.  I have a purchase in mind that is in a low-income neighborhood, costing about $12,000.  I'm thinking I could pay cash for it, then rent it for $600 - $700 monthly.  Since I can do most of my own repairs, I'm thinking this would be a good first acquisition.  Any thoughts?