Getting Started, 0 experience

[Edward Barreto]

Hey everyone in the BP community, 

First and foremost I want to start by saying I have zero experience in real estate or any form of business ventures. I do however have an increasingly growing interest in it. Finally being pushed by a friend to pursue this interest and even started reading various books such as Rich Dad Poor Dad, that put the nail on the coffin, to start acting on it.  A door opened for more me recently that could lead me in this path and I decided to take it.

So that door ended up being owning my parents house as they downsize and move out. Ultimately the home is in an appreciating area but is also in need of some renovations that I plan on doing the bulk of myself. Hoping to push a profit on the house when I do sell it. There is no real risk on my part so far.

Ultimately I'd like to know how to get started on this venture after the house is sold, where should I focus my investments and how. I'm looking for financial freedom in at the minimum of 5 years and obviously grow from there. What exactly should I be looking at owning? I've had some thoughts on owning Car Washes, Storage Units, or anything that doesn't require too much maintenance or man power. But again I have no real experience in this so I'm bouncing ideas to myself. 

Any advice is welcome.

Thanks,

Edward

[Mandira Feldvebel]

A storage business is not passive unless the income is there to hire a full time manager and other helpers. My brother in law has a storage business, and he has a manager, and he still works full time in it. There is a lot of work that goes into dealing with abandoned storage units and laws to follow that govern how the contents have to be put up for sale. My BIL and his wife have furnished their home beautifully by buying many things. But it is far from a passive business! He works 40 hours per week, has about 2 weeks off per year.