Down to brass tacks

[James Mabe]

A big "Hi Y'all" from Greenville, NC.  This site is amazing and thanks to all those who contribute.  Gonna get right to it in my first post.  I have done a couple of deals in the past, only as an investment to basically climb the property ladder.  Accomplished that.  Now I want more out of RE.  I have been working as an RN for 12 years and my wife has been working as a high school math teacher.  Our third child should be arriving circa April 24th!  I would love to give my wife the opportunity to stay at home.  Longer term goals would be for me to invest full time.  1st thing's 1st, have to replace her take home of $2000/mo. (yeah teachers in this state are all on the smaller pockets forum).  I have 115k in my 401k, my plan allows me to borrow 50k.  61k in my rothIRA, of which I contributed 38k.  28k cash.  114k equity in primary res and 20k equity in my duplex ($300/mo cash flow).  Zero non-mortgage debt, not even a car payment.  I love foreclosures (both tax and mortgage).  Bought my pri res on the courthouse steps.  Lately, I just aim for the one with the most equity, but have been outbid on 3.  Is this even the direction I need to go? I wanted to buy a home run property and use those proceeds to buy and hold.  Any direction would be appreciated.  Be gentle!

[Renea Steward]

@James Mabe

Welcome to Bigger Pockets. We are a warm hearted paying it forward group of people interested in real estate investing. 

Congratulations on your up coming arrival. I commend you on planning to allow your wife to be a stay at home mother. It is wonderful to be able to have a parent in the home with newborns whenever possible.

As @Ned Carey mention you will get outbid at auctions and other sales. Keep trying...you will be successful at winning a bid; submitting the best offer.

As Brandon Turner mentions we are considered to be the average of the 5 people we spend the most time with so connect with REIA meetings, accountability partners, and mastermind groups to engage with individuals interested in real estate investing.

At the bottom of this page is a list with help in it. Click on help. You will see answers to questions that you didn't even think of.

Looking forward to sharing insights with you in the forums. 

Your wife may enjoy being involved with Bigger Pockets. She could learn why at home with the baby. Earn why she learn.

                              Enjoy as you prosper.....