New from the heartland, Wichita Ks

[Tracy Liggett]

Good evening,

Why I'm here.

1. Get out of debt.

2. My daughter's college.

3. Do something no one else in my family has done, RETIRE!

I'm sick of the corporate world. I'm tired of being someone else's employee. I'm tired of not being able to do the things my family wants to (i.e. I'm motivated!) I've always loved fixing things up. While I do face challenges, (no money and no credit), I know I am going to do this.

My plan

1. Find an investment partner

2. Have one flip done by 1/1/2020 so I don't have to rely on a partner to finance my 2nd flip.

3. After a couple of flips are under my belt and some cash built up, use the BRRRR method to begin building cash flow and credit.

4. Have enough of a passive income to retire in 15 years and pass the properties on to my daughter.

I sat in on a local auction tonight. I'm reading everything I can, listening to podcasts, studying the market, everything I can do. I'm contacting my acquaintances in the real estate profession, a few realtors, an inspector, the lady from church who works at the title company, etc.

My wife doesn't think I can do it (just more motivation). So for all of you who already have the bigger pockets and want to earn a few deals in Wichita, let me know what I can do for you so I can fund my first flip (willing to all the work with a 50/50 split on the profit after the sale).

Thank you for taking the time to read my introduction,

Tracy

"With God, nothing is impossible. Without God, nothing is possible." - unknow

[Jonathan R.]

@Tracy Liggett Welcome to the site.

I worry you may be putting real estate investing up on too big a pedestal.  Some of the most affordable real estate in the country is here. Cut expenses, do what you can to increase your income, and jump in. I bought my first buy and hold property with 8k saved up, I got a 10k unsecured loan from a credit union, and bought the materials interest free for 18 months with a Home Depot credit card that I secured after the purchase. You'll figure it out. I knew once I had the first house I'd find a way to get it done, I didn't care if it took a year. It's generally not sexy, it takes time.

McCurdy is overpriced (I suspect that is the auction you attended last night), sometimes you can find a diamond, but in general, putting a room full of investors together bidding against each other is not a recipe for a good real estate deal. Most of the properties I buy are less than 20k.

Good luck! There are several local meetups- Wichita Area Real Estate Investors Association meets once a month on the first Saturday of every month at 5pm at Douglas Avenue Assembly of God; free food and booze at Wichita Investor Club of Kansas that meets at the Wichita Boat House once a month at 5:30pm (the next one is June 11); and around the third Wednesday of about of every month a few of us get together at Old Chicago for lunch. Make it happen.