NEPA Flipper considering Buy and Hold
Hello everyone.
I am relatively new to BP. I have flipped 9 homes to date under our S-Corp and we are now considering buy and hold. I am 47 years old and really desiring to create passive income. I am struggling with the thoughts that I am too old to start financing rental properties. I have considered selling some stock and paying cash for some income properties to diversify my portfolio and create come immediate income. I have a friend who has acquired numerous single family houses cash and has some nice passive income coming in now.
Instead of doing this, I have been told I should consider leveraging that cash and financing deals so I can buy more properties. This is where I struggle with wondering if it's too late because of my age. With this strategy it will be years until they are paid off. I realize I need to open my mind a bit and I am hoping I can learn a bit through BP to help me do just that. I am ready to formulate a 5, 10 and 20 year plan. I just am overwhelmed with too much information at this time. Classic case of paralysis by analysis. Looking forward to hearing some thoughts and input.
Carl