REI newbie looking for advice in MN

[Travis Colsen]

Alright Gang, here I am diving in head first to the real estate game. I am starting an LLC in January and hoping to hit the ground running that month. I feel like I have adequately prepared myself doing research, reading blogs and I will be attending a REI meet up on the 10th hoping to network with people familiar with the realm of real estate investing and specifically flipping. So at this point, if there is anyone out there that has experience in the area, can give me a few pointers, things you wish you knew of had in your back pocket when you started, or anything for that matter, that would be greatly appreciated.

Cheers,

TC

[Glenn D.]

@Travis Colsen,

Welcome to the game!  It is exciting and frightening all at the same time.  I see that you are with Well Fargo, but I will not hold that against you - lol.  The good thing is that with your experience you have seen the lenders side of the coin.  Now you will need to turn the lazy susan and look at it from the other perspective and realize that they can work together but the goals are not necessarily the same.

1st I would suggest looking at the different parts of the market and see what part of the pool you want to get in at. There is wholesaling, flipping, house hacking, BRRRR and more I'm sure. If you need cash - wholesaling may be a good way to build capital. If you like to get dirty and get a quicker pay out flipping may be your taste. If you want to take it slow and enter at the safer, shallow end, house hacking (fix and rent out parts, while living in it) is great. Or if you have the capital and want BRRRR it out for passive income and some ROI then this may be a great balance.

As with investing in stocks, you have to look at your comfort and knowledge level.

May your hard work, cross ample opportunities.

Glenn