All Forum Posts by: Michael Morgan

Hi everybody, I've been on BiggerPockets now for around a month or so and have been relentlessly reading through the forums and blogs trying to decide where to begin my REI journey.

A little background on me, I'm currently 29 years old and working in the transportation/ logistics industry.  I am married (for now, I'll hit on this later) with 3 small children and own a home in a decent neighborhood on the northeast side of Indianapolis.  I am basically living paycheck to paycheck right now and am trying to change my situation and eventually quit my day job to invest full time.  I am good at what I do currently, I just do NOT enjoy it and feel there has to be something better out there.  

I have been very intrigued with the idea of wholesaling and owning rentals and from what I can tell it seems these are two RE niches that many BP contributors suggest as good beginning outlets in the REI world for newcomers.

My current situation is one that could very well end in divorce and I really don't want to move back into my parents basement.  

So, I guess my question would be to all of you is, would you suggest possibly wholesaling until I can build up some capital or looking for a multi family type setup and try and generate some cashflow there?  Also, in regard to the rental type scenario I was thinking this would be a good opportunity for me to 'house hack' and still have a place to live post divorce. 

Any and all suggestions, comments, or advice is extremely appreciated!  

@Lenzy Ruffin

Hey man, you are right, I have some pretty good contacts.  Only thing is I never even really thought about tapping into them until I wrote my previous post.  We're mainly drinking buddies and our kids play sports together, but I think I'd be foolish not to have this conversation with a few of them and just see where it goes.  Thank you so much for all your guidance regarding getting started!  I really appreciate it!

@Lenzy Ruffin

Thank you so much for all of wonderful info!  I'll definitely start listening to the podcasts and try to narrow down which niche I feel will be the best fit for me starting out.  You are right BP is pretty overwhelming when you first get signed up, but there is SO much good info on here it's incredible.

I have several friends who are contractors (general, plumber, carpenter...) and one who actually owns a home building/ remodeling company here in the city, would these be good resources for learning about rehab costs, labor, material costs, etc?

Hey guys, thanks for the quick responses.  I think I need to reevaluate what it is I am trying to do, like you said start with the end goal and work backwards.  I guess I haven't really gotten that deep into it yet.

@Lenzy Ruffin - you made mention of learning how to evaluate property like a professional wholesaler.  Is there any educational material you would suggest or would I be better off maybe trying to hookup with some local wholesalers or flippers and just see if I could shadow them?  I'm not sure, I am very new to all of this and would like to educate myself as much as possible before putting my name on any contracts.

Also... building capital.  This is why I looked at wholesaling in the first place.  I was in no way thinking I was going to go out and make 25k in 3hrs... but that would be nice.  Any suggestions for building capital?  Like I said earlier I'm not sure what the end game is at this point, but I know I would eventually like to have rentals and do some flipping.  Thanks

I have just recently joined the BP community looking for education, information, and networking to help me get going in the RE investing arena.  I currently am working in the transportation/ logistics industry and have no formal experience with real estate.  I have been doing a lot of research on wholesaling/ reverse wholesaling and it seems that a lot of people would advocate starting there, but then again there are also a lot of people who say to NOT start out wholesaling.

I am currently just trying to educate myself as much as possible and see what may be the best fit for me starting out.  I am in the Indianapolis area and would love to wholesale (or at least I believe I would like to), but am just not sure if that would be the right place to start out or not.

Any and all advice or tips to getting started would be greatly appreciated!

*Also, I am looking to get started out part-time since I still have my 9-5 and plan on keeping it for the time being (until I don't need it anymore)

Thanks in advance.

-Michael 

How's the project coming so far?  I'm interested to see what you've done with the property in the last couple of months!

Shawn, 

Thanks for the list of resources.  Looks like some solid literature to help get me started.

Hi Larry,

I am currently in the consideration phase.  I have no current experience in the real estate industry up to this point.

Good Afternoon, my name is Michael. I am living in Indianapolis with my wife and 3 kids. I currently work in the logistics/ transportation industry and have been looking to either get out of the industry completely or find another way to supplement my income. I have always been interested in real estate. I stumbled on this website about a week ago and figured I'd learn what I could and see if REI is the right fit for me and my family.