Greetings,
So I am brand new to the real estate investment world. It's something I always wanted to do, but never Knew how to do. To be honest I am glad I didn't jump into it before, because I probably would have sabotaged myself from lack of knowledge. Now since I have been priming my mind correctly I do want to know move forward, but I am a little lost. There are two things I want to do, buy and flip, along with longterm rentals. I know I have to choose one first, but I would like both. Given the current economic cycle we are in, I don't know which one to go for first which is my first problem. In addition to be an over thinker, and maybe being stuck in analysis paralysis right now. I guess current situations do help to help get advice. In this current time, I am living in a duplex. It was jointly owned by my mother and grandmother. since my grand mother past away It is now owned buy my mother and me, but legally my mother has the whole thing in her name. Due to a recent separation, I thought it would be a better idea to have her name on it, and mine off. The house was fully paid off, but to pay out the remaining family members we had to take out a loan on the home. Which is $700 a month. I thought I would be a fool to pass up this opportunity. The house does need some windows, and some updating, but currently in Warwick, RI the homes are renting for around $2,000. In addition to that I have found a family friend who does private lending. Since he is a close family friend, he did say that he would let me borrow 100% of what is needed for the home with a 5% return, to help me start off. I have been learning, took the real estate class, and have been studying for the exam. Reading more about real estate, and investing. I have a few markets in mind: North Kingstown, Cranston, Johnston (since there is a amazon warehouse being built), Warwick, Coventry, Newport/ Middletown (ideal for rentals I believe, Correct me if I am wrong). This is going off of population, school districts, safest city/ town, and fastest growing. I honestly hope when this is read that it shows my true location on the real estate journey. And who ever has great experience please share your opinions, experiences, and honesty of what step I should take next. Because I am curious, should I talk to a mentor, real estate councilor, agent, loan officer, should I see what I can get approved for?, etc. So I humbly post this to seek the best advice from experienced and honest individuals . Thank you for reading, and looking forward to chatting.
