Happy Friday BP family,
I've been in research mode for the past two months and thought it was time to come out of incognito. I am a rookie in the REI world and still have a lot more questions than I do answers. I will say, I've picked up a solid base of knowledge thanks to numerous helpful podcasts, blogs & books that have been recommended here and elsewhere. After hearing some inspiring success stories, I'm ready to let the rubber meet the road.
I'm working full-time at the moment, and plan to keep this passive until it makes financial sense not to. I'm still not 100% sure which niche I am most intrigued by - it seems folks are seeing success in so many different ways, which excites me. The more I read and learn, I'm leaning towards a buy and hold strategy. Although It would be great to hear opinions from the community and anyone familiar with the Louisville market.
So here's where I'm at:
I bought my first house in January of 2014 (with no intention of jumping into REI) for $135k. It was a foreclosure that needed a bit of work, but I've only put about $8-10k into it the past couple years. I refinanced it a few months ago into a 15 yr and knocked the PMI - (they appraised it for $175k). However, I'm looking to move into a different house by the end of the year and am trying explore my options:
A) I can keep the house and rent it out after I move.
B) I can sell the house and find a different house to flip or rent.
C) I know you're wondering why I refinanced to a 15 yr and am moving in the same year and considering selling/renting the house. (It's a long story and I know it seems odd, but I can expand in another post). However, I'm also not ruling out the thought of refinancing back into a 30 yr strictly for cash flow purposes.
*Now for the new house, I'd like to find a SFR for a great deal that needs some work, however, I'm conflicted on the best method to track one down. Should I market? Should I look on MLS? Should I look at probates/foreclosures/subject to/REO/absentee owners/expired listings/tax delinquent/divorce/auctions, etc.? Is there a best time to buy? I have a ton of questions as you can see, and I hate to throw all of them out during my first post, but I've noticed everyone on here seems to be extremely knowledgeable/ helpful so I thought I'd go ahead and lay it all out.
Okay, I think that's enough characters for my first post! Thank you in advance for taking the time to read this far and I look forward to connecting and building some professional relationships on this board. As many of you know, starting out is like drinking from a firehouse, so I would be extremely grateful for any feedback or suggestions my more experienced BP investors have. I work downtown, so feel free to drop a line if you'd like to grab a coffee - never a bad thing to network and meet new people. Don't worry, I assure you I will repay the piper in one way or another. What goes around comes around.
Cheers and have a great weekend!
-Nate
