Entrepreneur- Springfield, IL

[Justin Barney]

Hello BP, 

I joined here in August of 2016 but got busy and haven't check back in. So, I am starting over and trying take action to gain new real estate experience. 

I tend to be a bit of a risk taker but my spouse is very different. I would like to take a shot at buying and holding to help increase monthly cashflow but the landlord thing scares her. She is worried about bankruptcy with a 2 yr old and another one planned. I am looking for any advice I can get about taking it slow and building a business. 

We are in the midst of selling our house and buying another. We have some equity in the house and my plan is to invest the profits to start my real estate business. We should have roughly 5-10k after everything is completed. 

My goal is to make enough in passive income to eventually focus on growing my monthly income to be financially free. I work a full-time job as a nurse, I'm trying to obtain my MBA, and raising a 2 yr old. It is hard but I want to enjoy life and watch my family grow. Real estate keeps coming up as a potential means of making my goal come true.

I would like to be able to create a monthly income stream of $1000 by the middle of 2018. 

Thank you for welcoming me to BP and I look forward to all the information and education I receive. 

[David Catlin]

Welcome back Justin, I have very similar goals to yours and am in your area. I am going to start and REI group for the greater Springfield area because I haven't found one yet. I'll post the details later.

 My only response to your concerns about risk is to only take on what you are comfortable with.  The key is learning what that level is.  The risk of bankruptcy is always there whether or not you invest.  My suggestion is to start slow and build within your comfort level.  As for bankruptcy itself, its not the end of the world.  Its designed to give you a new start on life and can be a good thing.  If all fails and your forced into bankruptcy, you still have your house, a car, your job and most important your family.