I'm wanting to get started in real estate investing but am clueless about where to start. Let me give you a little information about me. I'm 57, looking at retirement in the face very soon with about a 1/3 of what I desire for retirement. I ended a 36 year career last year and working 40 hr a week, $15 an hour job I hate. I have about $5K in savings (uncle Sam just took over $6K of what I had thanks to self-employment tax - it's a long story), and about $200K in equity in my house (only 9 payments left + a small second mortgage of less than $20K). I do have other funds but it is tied up in retirement accounts that I don't want to touch. I also have access to other cash via my father if need be.
What would you suggest I do? I don't even know all the terms to make suggestions, but I need a success rather quickly. Would wholesaling, flips, rentals, other be a best direction to go?
I've met with one "investor/mentor" but am not certain about going this direction. There's a $1,200 fee plus giving up a substantial amount of the profit on the first 3 deals (greater than 50%). I'm hoping to meet with a couple of other investor/mentors next week to at least get a second opinion or look at what it is going to cost me to get started. I realize that nothing is free and that there is a cost to pay. I'm just needing some direction at this point.
So what would you do, looking back on your own experiences?
