Another newbie enters your ranks.

[Reed Norris]

Hello all. My name is Reed and I am brand new to real estate. Im 30, male, a helicopter mechanic, and I live in daleville alabama. 

I wanted to get into real estate many years ago, but lacked funds and knowledge. For christmas break, my company shuts down for 2 weeks. I had an amazing christmas with my wife and 2 little girls, and naturally I felt depressed once it was time to get back to work.

I realized I needed to do something about that. My time with my family is my reason for living, and it pulls at my heart having to leave the girls at home. As im walking out my door to go to work, my 4 year old is begging me to chase her around the house. 

So, it just so happens a few weeks ago i told my friend I would go house shopping with him to give him my opinion on buying a house (since I have one). One house we looked at was a foreclosure. Bank was selling it for 52,000, and ARV looked to be 115,000. The gears in my head started turning. Come Jan 2, when it was time to depressingly go back to work, the idea re-entered my head. Maybe I can use real estate to get rich slowly?

So, I have a friend i have known for 7 years who is a contractor. I figured he was the best place to start. The man has his own business, he officially trims and paints houses, but there isnt a job he cant do. (I have seen his trim work in million dollar homes, he is talented).

I told him my plan of buying a small single family home on the cheap, having him fix it up (and ill help with rehab too, i want to learn), and split profits at the end. Then from there see if I want to do it again. He said that he has been wanting to get into real estate for 8 years, and he wants to start immediatly.

It was a great conversation. They say having a great contractor is half the battle, and this is someone ive known and trusted for years, his word is his bond. I told him that Im in the beggining stages of my education, and would need some time to become familiar with the whole process before we jump in.

So heres the rough draft plan. I have around 15,000 total for investment purposes. I dont want to use anyones money but my own, so if stuff goes south its only my money thats gone not someone elses. Im thinking about finding a cheap or foreclosed home worth 8,9, or 10 thousand. Plan to put 2 or 3 grand into it. I know thats not much but i dont have the funds required to remodel kitchens and bathrooms yet. So the first house should only need simple stuff like drywall, paint, carpeting etc.

Then, after rehab we will sell it immediatly and split up our profits. At which point, if all goes as I hope and I like the business, I will reinvest everything into a slightly nicer home.

Sorry this was long, but i have no real estate mentors or friends. Im throwing this all out here in the hopes that you professionals will read it and and find holes in my logic or give me things to consider. Any response at all is appreciated.

By the way, I just finished the ultimate beginners guide today, and I clicked on many of the links for further reading. I dont want to fall into the trap of analysis paralysis, but i dont want to get into it without adequate knowledge. Are there books you recommend that I absolutly need if im to take this seriously? Im not planning to read 100 books, maybe just a couple of the best, then get started flipping and learn as I go.

Feel free to ask me anything. Once again, thank you all.