New member from California looking to buy and hold for cashflow

[Jim Horne]

Hii everyone!  I've just enrolled in Rich Dad Real Estate Investment coaching and am looking to start building a real estate investment portfolio for passive income.  My goal is to exit the rat race in 10 years.

[Rod Hanks]

Hey Jim, welcome to BP! You have a wealth of information on this site for FREE. I'm sure the Rich Dad program is pretty expensive.

[Dmitriy Fomichenko]

@Jim Horne

Welcome to the BP family! You came to the right place to learn all about real estate investing! Here are some recommendations for you:

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

Wishing you the best!

[Jim Horne]

Thanks, Rod.  It is and had I know about BP before, perhaps I would've thought about it.  That said, the benefit I see with coaching is that We have a personal one on one coach to walk us through every step of the process, and who guarantees a purchase before the end of the year long program.  Looking forward to learning a ton on these forums, too.

[Jo-Ann Lapin]

Welcome Jim. You should find a locla meet up and a investment club. There is also a free guide to real estate investing for beginners. A must read. Happy to network and assist in your real estate goals.

[Jennifer Maldonado]

Welcome to the club Jim. I was a student of Rich Dad and left my corporate job after 2 years. It was an expensive investment but ROI has been incredible. Now, they call me to come as motivational speaker for their bus tours.

Everyone has share some good information.

Here are some extra recommendations:

1. Sign up for meetup.com and start networking. You can find great investments clubs in there. I will recommend any FIBI related, Club in Action and the http://www.thenorrisgroup.com/ (this last one always have good insights about the market)

2. I like this book :The Advanced Guide to Real Estate Investing: How to Identify the Hottest Markets and Secure the Best Deals" - I did my first investment following his instructions and I did get 300K on equity plus cashflow... (without even talking about tax benefits)

3. I want to understand what is that you are looking for - Private message me. I might have some great cashflow opportunities that I can share with you. 

[Mark Nolan]

@Jim Horne

Welcome to Bigger Pockets.

[Clayton Mobley]

@Jim Horne Welcome to BP! Glad to see you already have some clear goals in mind, as that will help you hone your focus. You've already gotten some great advice on how to get started here on BP, and you won't find a bigger group of veteran and newbie investors all chatting together anywhere else. If you have any questions, there's probably already a thread about it, or you can start your own - just make sure you put in plenty of key words so your posts get seen.

That being said, I know it can be very easy to get sucked into the BP vortex and get overwhelmed. I'm not sure what type of RE investment Rich Dad specifically advocates, but I'll assume it focuses on generating passive income. There are a lot of great ways to do that, but they require different things of you as the investor. I'd do some preliminary research on your options and then work on determining what your family's risk tolerance/debt tolerance level is and what type of investment appeals to you/fits your specific goals the best. Narrowing down the type of investment that suits your current situation with regard to time, finances and risk (even if you delve into other REI areas later) can really help whittle down the amount of time you need to devote to research and decreases the probability of analysis paralysis.

Best of luck in your new adventure! If you have any questions about turnkey specifically, feel free to reach out any time.

Clayton

[Anton Ivanov]

@Jim Horne

Great goal, I wish you the best of luck!

My biggest piece of wisdom for you is to start taking action, however small, as soon as possible. It's easy to just keep reading or attending seminars without really doing anything with the information you learn. There are some members on here who I'm sure know most everything they need to buy their first rental, but have not taken that step.

Learn the basics and then start investing. You will learn more from purchasing and renting out your first property that you will from all of the books you can ever read, that I can guarantee you.

[Brian Pleshek]

@Jim Horne Welcome.  I wish I had found this place sooner myself.

[James Wise]

Welcome to the site @Jim Horne