All Forum Posts by: Andy Smith

Mike, I think @Charlie Fitzgerald's post is great advice. I tithe, so the first thing I would do is to donate 10% to my church (30k).

Next, I would put 20% into my emergency fund (60k).

I would then allocate 10% (30K) and 15% (45K), respectively, into my short term savings account and investment account (index fund).

With the remaining balance (~135K), I would look into purchasing at least one flip and one b&h property.

These allocations assume 0 debt, of course.

@Ed Fitzwater welcome to BiggerPockets. Much like yourself, I am new to REI and am eager to learn. I wish you profound success in your journey :-).

@Jessica Santiago jones you said to never pay contractors upfront; instead, one should pay "in draws". Care to elaborate on what is meant by "in draws"? Common sense tells me it's to do the opposite of paying upfront, which is to pay in installments. I am just curious as I have never heard of the phrase before. Thank You.

K. 

I am fairly new here, so I don't know if my opinion on the matter is worth two pennies, but here it is: why not do both--buy a family home AND invest at the same time?

How? A duplex or some other type of multifamily unit. You could find and occupy one unit in a multifamily property that meets your family's needs, and generate investment income by renting out the other unit(s).

I am not sure what the RE market in your region looks like, but 50K should open quite a few doors.

Simply stated, I am young professional seeking to maximize my income through real estate investing. As I am new to much of this (REI), I am still in the "acquiring knowledge/education" phase; and hope to utilize the wonderful resources available on BiggerPockets (and contribute) to help me in this journey toward financial independence. I look forward to learning and contributing to the BiggerPockets community.

K.