Newbie in Kentucky

[Cheryl H.]

Hi all. I live in KY about an hour south of Louisville. I have always thought about investing in RE but I guess I just haven't had the "nerve" to take the plunge.

About 4 years ago I lost my good factory job and went back to school- I'm now an LPN (Low Paid Nurse, LOL!). I hate not having enough money to do the things I really want to do.

My goals are actually quite modest. I'd like to have a RE cash flow from rental of about $3000/month. Flipping is actually do-able as DH is a carpenter and I also have construction experience. We built our own house and barn. But flipping for me involves too much risk like what if the place doesn't sell quick enough.

I've been browsing the forums and realized a couple of things. #1 is that I do NOT want to deal with war zone properties (none in my immediate area but plenty in Louisville) and #2 is that I know absolutely NOTHING!

My present thought is looking at fully rented multi-family units (to spread the risk of vacancy) with enough cash flow to build a quick cushion in case of vacancies, repairs or just to pay down the mortgage. Quadriplex is big enough. Single family homes could come later in the game.

Any thoughts or experiences will be welcomed!