Seeking feedback on my investment plan

[Kathy Villagomez]

Hi, 

I'm hoping that I can get some solid feedback. I've previously made errors in investing and I do not want to repeat...so I'm hoping to get some input prior to going back in :-)  I have a fulltime job and a part time psychotherapy practice.

My longer term goal is to make 5k per month for retirement.

My medium term goal is to quit my job and do part time work. in order to to that, I have to pay back the $ I borrowed from by retirement fund or I have to pay major taxes. I used the $ to by the home we live in. It's $40k

My short term goal is to raise enough funds to BRRR for long term hold.

My plan: fix n flip locally and use the profit to BRRR a long term hold in Nevada. Use the refi $ to buy a fix n flip property, use profit to BRRR, use refi $ to BRRR

 I plan to find the property via wholesalers, probate list, and direct mail. While I'm doing that...I will continue to educate myself and save as much money as I can. I plan to repeat this process. Currently, I am trying to figure out my process for following up on leads, analyzing, and managing the rehab. I have a good job,decent credit, no consumer debt. I"m trying to decide what I can delegate and how do I want to finance. Clearly this is a vague blueprint. However....I finally figured out where I want to buy...that was tricky. I also have options for contractors, handymen, and realtors. I am acquainted with two good attorneys. I have a great accountant. Any feedback would be much appreciated.

Kathy

[John Leavelle]

Howdy @Kathy Villagomez

If you haven't already I suggest you get J. Scott's books "The book on Flipping Houses" and "The book on Estimating Rehab Costs ".  They will help establish a good base knowledge of the process.  

Be sure to keep the 70% rule in mind for both strategies. All-in costs should be no more than 70% of your ARV or Market Value.

What was the area you messed up on the last time?  Do you have it solved now?

Hop this helps.  Good luck.  :)