Hello everyone. I'm happy to join this forum and discuss with liked minded people. I'm stoked that forums are still a thing and this isn't on Facebook or any of that! I found BiggerPockets learning about ways to generate wealth. I knew one option was vaguely "real estate". BiggerPockets and Brandon's book "The Book on Rental Property Investing" clarified it for me. This appears like a great way to generate real wealth. It appears to have a higher likelyhood of success than starting a Software-as-a-Service business (I'm a software engineer). The Sample Plans in the Brandon's book laid it all out for me. Anyways, I'm in the newbie and active learner stage. I'm trying to consume as much information as I can to decide if this something I really want to start doing.
Here are some my scribbling from the early part of the book:
My objective is financial and geographical freedom that allows my wife and I to leverage the best parts of ourselves as individuals and as a couple. That could mean traveling the world, running a vacation rental, opening a restaurant, or starting a fashion design agency. Basically what can we do to continually level-up on Maslov's hierarchy of needs.
Why do this? Income and a hedge against inflation. Real estate investing seems like a more successful path to true wealth generation. Plus, this is sufficiently different than my other endeavors. That will help me remain detached from it, so I can treat it as a business--not a hobby or side project--in service to the objective.
What kind of properties will I buy? 2nd and base hit properties. Minimal to zero rehab required. Minimize risk in the beginning. No BRRRR because I don't have the bandwidth for that right now. Focus on simple "base hit" hit deals that cash flow.
How often will I buy? Unknown. Planning required.
Financing: Extra income from my full time job and my wife's income. We live off my income right now. My wife's income can be funneled entirely into these pursuits.
Anyway that's a bit about me. I'm just looking to learn more, meet people, and soak up as much information from y'all as I can. Btw, can anyone recommend some "sample plans" ala the ones in the book? Those were very helpful for me in seeing how this all works.
