New to Real Estate Investing from Corpus Christi, TX

[Thomas B.]

I have been lurking around here on BP for a few years, soaking up all the info I can... but at some point I just gotta jump in and just do it. Having recently turned 40, I have had a fire lit under me to get something going to bring in some side money/ passive income. I want to be able to retire by the time I'm 50 and still able bodied enough to enjoy life. With that end goal in mind, I have 10 years to replace my current income, roughly 5K per month.   

It's a long way to go and a short time to get there; but every journey starts with a single step. I have been looking at some of the older small single family homes in town recently in the neighborhood of 50-70K. Even though they are in lower-income areas, Flippers have been driving the price up on these lately with only cosmetic touchups; however, as a Section 8 rental they should still cash flow nicely, based on HUD Fair Market Rents.

I'm sure I'll have tons of questions as I dive in to all this and look forward to sharing what I find out as well!