I spent the last 3.5 years paying off all of my debt except my home. I'll be selling my existing home in order to purchase a new live-in residence. After all of this is done, I would like to get into real estate investing. Here are a couple of questions I have about this game. I have a nice corporate job but would like to dictate more of my personal economy if that makes any sense. There's no reason everyone is allotted 24hrs a day and some people make $300 in that day and others make $3000. I want to make $3000.
1. I see many people have a buy and hold strategy about them. The only issue I have with that idea is it takes a long time to break even in my opinion. Why would I pay 10% of a $150k house ($15k) up front just to make $1200 a month? It'll take me about two years to break even after taxes and licenses. I haven't made any moves yet so I don't understand the financial strategy with this.
2. I like the idea of fixing houses and flipping them but there's a lot of risk involved. I like the idea of doing this all with cash but it'll take a while to come up with $150k. There's the idea of hard money lenders but that doesn't usually drive up your net work, which is my goal. I don't want to be in business just to pay other people. I want to pocket the money. I need help with this concept.
Thank you to whoever understands my questions and concerns. And if you're in the Houston area, feel free to network with me to give me more game on this investing strategy. My goal is to not HAVE to work for anyone else and to dictate my own schedule. Thanks again.
