I AM A ROOKIE FROM WESTCHESTER NEW YORK

[Edwin G Cruz Jr]

I've been doing my homework and will continue to do so. But I just want to hear some opinions from anyone willing to help, please. Thank you.

[Alan Crookham]

@Edwin G Cruz Jr welcome! I would say take it slow and make sure you have as much education as possible before you jump it. Make sure you understand the legal system in your area for real estate. Then I personally would start small for the experience. My first rental (which I still have) was in the nation of Panama. I obtained and renovated it for $14k, all cash, and have rented it for $300-$400 a month for a couple of years now. With no taxes in Panama it’s pure profit.

I am currently working on buying a second rental property in Pennsylvania once I am confident in the housing market this year. After that I am going to dip my toes into the flipping market. I want to flip a few houses to have the money to invest in rentals. I plan on started small. In PA I can buy a distressed property for about $20k, fix it for $20-$30k, and sell for $60-$80k. That depends on the area of course.

I don’t have that kind of up front money, so I will probably use hard money lenders, which is why I want to start small. If I run into any problems with the flip, since I know statistically first time flippers take significantly longer on their first renovation, I could afford the payments to the lender.

Those are my thoughts!