New investor advice on where to start

[Mike Ordunez]

Good afternoon and happy new year ! My goal for 2017 is to get my Real Estate investing career up and rolling and to hopefully end my day job . I don't have and investing experience other then the house that my wife and I have bought and live in currently . I am looking for advice on where exactly to start . I live in the Vegas area . I'm interested in wholesaling , flipping , rehabbing , turn key , mobile home parks , and as the days go by I am getting more and more interested in long term by and hold and multiple doors for cash flow and passive income . The problem I'm having is that I'm interested in so much that I'm stuck and don't know where to start . We definitely need money to help pay off debt . Is it worth wholesaling right away? Or would it be better to rehab a property to sale or keep for cash flow ? Where is the best place to start ? I know everyone's experience will be different , so I will take any and all advice , I am a sponge ! Thank you again in advance and thank you for the time !

[Michael Lee]

Hello and welcome to BP!  What you do is whatever your talent is and what you like.  I have heard that Las Vegas is a good place to be.  Just remember that real estate has cycles and right now the nation is going though a seller's market where sales are high and inventory is low.  That means that you may have to hustle more than usual or you can just take your time to learn as much as possible.  One of the biggest differences between wholesaling and Flip and Flip (both short term investments) is your bravery and confidence and your skills at carpentry related things and management ability.  Either way is fine but eventually getting into rentals is a good idea.

I do not know how long you have been around Las Vegas but my father went there and came back in 10 years and had done pretty well in real estate (mostly commercial).  Las Vegas diversity and population growth are a determining factors for how well it will do.  Luckily my father came back before the last real estate turndown.  I really cannot make a decision as what you get into because your enjoyment in doing that really matters as much as the market cycle that it is in.

Your better off talking to local real estate Aagents, Building Officials, City Coucil people, and the Chamber of Commerce that all are experience will know what is going on.  After you make your niche and market selections there are a few things to consider doing.  One of those things is to get your financing figured out before you make any offers.  Getting a loan letter that states how long it will take to close your loan and the maximum amount you qualified for.  

Another thing you consider doing is to form some type of corporation or a LLC. You might need to hire a lawyer and/or a CPA to advise you on the best way to go after you have made your selections of a niche and market area you will be in. Another item you should consider up front is your office location that is convenient with few, if any, distractions. You can choose to locate your office in your place as long as you can close it off and you are not effected negatively.

Just keep your investing at first simple and what is average for the neighberhood.  I have heard more than once that mistakes and fear are pretty normal.  Do not let any failures make you quit because they do happen.  Do not try to do everything yourself.  Having a local and experienced Team members are necessary and helpful for you.

By the way, I am 60 years old and I am medically recovering but looking and learning about real estate investing.  I currently live just outside of the city of Dallas where I was born and raised.  I have spent the bulk of my life in the construction business.  I had a real estate broker license for about 30 years but never did that full time.  I have only done one real estate investment for myself besides owning a home.  Always remember to do a math anaysis and try to look at your prospective properties.

Good luck to both of you!