Hello BP family
I am brand new to this site and amazed (overwhelmed) with the abundance of information and resources available to the average person. I recently bought my first home in Tampa, FL because I was sick of paying rent and decided it was time to start putting my hard earned income into something I can call my own. After speaking with friends who invest in real estate as well as real estate agents and mortgage brokers who provided me with guidance during my first home purchase, I realized that REI was the way to go to generate an additional source of income that would complement my 9 to 5.
My problem is as follows:
1. I don't have a clue where to start and don't have a clue what I'm doing.
2. Once I figure out where to start and what to do ( i.e. what my first investment opportunity should be ), I have very little cash available to put down on a purchase since most of my savings went into the house I just bought.
I know I need to educate myself by reading through blogs, forums, podcasts and books (for the record, in 3 days I'm already 3 books in and more anxious than ever to get started). Although I understand financial literacy is crucial to success in this area, I also know time is a very valuable asset that should not be wasted. So when is the right time? And, to the ultimate question, what type of investment would be most suitable for my current situation?
I know there is no black and white answer here so any feedback from the community would be much appreciated. Thanks!!
Mike
