Just caught the real estate bug again a few days ago. This time it's different because I have money to invest. I'm about to be 29. Been self employed full time since 2009. I'm single and pay $800/mo rent for a jr one bedroom in a decent neighborhood in Oakland, CA. I put away $36k in 2011. Shooting for $45k in 2012. FICO is around 790.
I know real estate investing is a get rich slow plan and I am comfortable with that and the delayed gratification that I have read about here. I just want to start learning and preparing now and maybe I can get my toes wet in 4-12 months.
What I love about real estate is all the different options you have in executing deals. I could buy a SFR (already learning the acronyms from you guys), get a good tenant, and hopefully break even on the average month. I could but a fixer up duplex, occupy one half, rent the other and make improvements over a couple years.
It may be difficult to get a mortgage with my financial situation, owning a corporation, writing off anything that is related to business, not paying myself much. I am in the process of switching to a more appropriate looking financial model (all the same money just placed in different places). I also have the option of partnering with my mom who is retiring in 3 years and will take home $6.5k/mo in retirement. Maybe we could go in on a property. Maybe she could simply cosign for me since she has the regular income history and excellent credit as well.
Anyway, it's all very exciting at the moment and I have already learned a lot here having just discovered this site last night.
Cheers to all,
Graham
