Almost a year ago, my brother in law pointed out the fact that, for what I was paying each month in rent, I could afford a mortgage. I started thinking about it and realized how much money I was putting directly into the pockets of other people - and for the next several months, I couldn't stop thinking about it. He pointed me towards Bigger Pockets and now, after months of listening to the podcast, reading books on real estate investing, and most recently, purchasing my first house, I'm convinced that I will spend the rest of my life investing in real estate in some shape or form.
As I mentioned, I purchased my first house at the end of April this year. My goal from day one wasn't to find a home, it was to find an investment. I purchased a good house with room for minor updates and repairs for good price. I'm in an area that is growing exponentially and I foresee that rate of growth increasing even more. I'm renting a room to a friend and considering posting the other spare room for rent on Craiglist. Within the next two years, I'd like to be out of this house and, depending on the market, either rent it out for cash flow (my first choice) or sell it and use the potential profit to find another investment property.
I have a high level of interest in buy and hold properties (eventually I'd like to have a strong portfolio of residential rentals mixed with a handful of vacation rentals). I'm also interested in conducting some simple (relatively) fix-and-flips to build up cash that will go right back into my buy and hold properties.
I'd love to hear from other investors in the northern Utah market. What strategies have you tried? What works? What doesn't? I'm finally ready to get involved in the forums and drink from the fountain of knowledge.
