REI Goals! New Investors from Louisville

[Kurt G.]

After lurking about BP for a year and now working on our second property, I figured it was time to finally introduce myself. In 2015 my wife and I bought and flipped a condo - our first investment property. We only made half of what we expected, but it was still profitable and we learned A LOT! (like never flip a condo or in a neighborhood with a serious HOA...) We closed on that property at the end of January and a week later we closed on a SFH that we are currently rehabbing with plans to offer for sale for a few weeks, and hold if it doesn't go for the desired figure. This is a much better deal than the first and we are having so much fun.

We started into real estate investing in order to reach two goals:  The first is to generate  $100k or more in cash over the next 4 years in order to upgrade our primary residence to what we really want with no mortgage  (we are currently 4 months away from being house debt free!).  The second is to spend the next 10 years after that accumulating a rental portfolio to compliment my 401K so that I can finish working before my 60th birthday.

My thinking is that we need to rely more on flips to reach Goal 1 and more on BRRR for Goal 2, but we will evaluate each opportunity as it comes and try to make the best choice. I would love to hear from some pros here on whether this strategy is the right way to reach our goals, or if there is a better way to get them done. Thanks!