Hey everyone out there in BP I need some help. My name is Landon and I'm just about 21 and I've got my real estate license and hung. Go Keller Williams :) anywho I'm trying to figure how I need to start this new year off right and I'm trying to make my action steps to get there. I'm going to be a little open about personal life to describe financial status and eagerness to get started. I'm in the process of getting my mother on board with BP for she also enjoys the environment of home loving and real estate. We're not in a strong financial position except that my grandma is to be giving my mother an inheritance early because we're at the bottom of the bucket. However I don't want my mother to slowly blow it all away over time but to create passive income out of it. By the way the inheritance is roughly around 180k. After a lot of discussion she agreed to invest it with due diligence. So from here I should probably input my goals:
-Eventually I would like to have $20k/month in passive income 10 for each of us, enough to pay all bills and finally go on our first family vacation/travel.
I want to be as hands off as I can and try to quit my job as soon as possible same with my mom.
Here is where I stand at the moment.
-I live in an area of older homes where a 3bd 2bth is roughly 210-230k I have a couple properties that I've seen driving in my neighborhood that could be flipped. Would need to go to county assessor to get info on said houses. Flipping isn't really what I want to be my strategy however I do need "quick cash" ( I know real estate isn't a get rich quick game.) so I can put my family in a better home. Current home is also a future flip. My preferred niche would be buy and hold but after listening to the podcasts with Brian, surge, and Ben i really don't want to buy retail but can't find any small or large multi-family in my area that I could add value to.
-I do have every book BP has put out so I'm aware of many of the different ways that I COULD use the capital but I don't have the experience to undertake many of them which is why I'm hoping to maybe partner with someone and gather experience from them.
-with the inheritance of 180k I know that I could flip 4-5houses next year and maybe save enough to put cash down to buy a bigger home that has no mortgage. (Which I feel is my best bet in my current situation) or to partake in a buy and hold with a partner. I hope I was able to give enough information to describe what route might be the best for me and my family to take for financial freedom. I appreciate all feedback and thanks to all BP for creating a place where a newbie like me to get advice on how to create wealth.