Newbie Looking for Advice!!!

[Tyler Kneer]

Hey all,

I am hoping to become a new investor soon and am looking for advice! I currently am making around 3K a month at my internship/fulltime position (Recent college Grad). 

I currently have no experience in real estate and am currently researching and educating myself, saving for down payments, and also building my credit.

I have experience in construction management and architecture and a flip doesn't scare me even though I am sure it probably should. I live in Southern Indiana just so you may have an idea of what my market may look like. 

Questions:

1. What is a reasonable timeline for me to reach my 3k goal? 

2. Should I start an LLC before I purchase my first property or do everything personally?

3. Flipping, wholesaling, or rentals to start?

4. Do I need a real estate license? (Getting mixed opinions from all my research and bigger pockets podcast guests)

5. What do you think would be the best way for me to move forward with real-estate to try to match that 3k a month and then continue to grow afterward?

Open to all advice and opinions!!!

[Ashli Baldwin]

Hey Tyler, 

Welcome. I'm new here as well, and have not bought my first property yet, but I'd love to take a stab at answering your questions.

1. I think this highly depends on type of property you're investing in. If you want 3k/month in passive income, maybe you should look into multi-family properties like apartment complexes. IMO renting seems like a better strategy if consistent passive income is your goal.

2. I plan to do this when I purchase my first property in order to protect my other assets in the event something goes wrong.

3. If you want consistent passive income, but also have construction experience, it sounds like you might do very well at buying slightly distressed properties that are good deals, then doing cosmetic fixes, like kitchens and bathrooms, so you can rent it for more.

4. I'm not a professional, but from what I know, you don't need one. It seems like it could be a really helpful tool if you find yourself looking for new properties often, though.

5. It sounds like getting some undervalued homes at a good price, updating, then renting, might be a good option for you.

I hope this was helpful!