whats next?

1 Reply

Hello all! 

I have been an active listener to the BP podcasts the last few months and now i'm finally getting involved in the forums. I have 2 questions about my current status as a novice real-estate investor and looking for some guidance. Here it goes... 

Background: I own one property: A tri-plex in San Diego with my business partner (50/50 split). We got a great deal and have a solid cash flow every month. 

Goal: Have enough cash flow to cover my everyday expenses (lets call it 5k) a month. After much thought and consideration, I would like to invest in buy and hold, multi family properties. Reason fir this: I would like have the positive cash flow now and still be flexible for retirement when they are close to paid of (i'm 27). I am very passionate about my career and want to keep real estate as a part time hobby.

Question 1) With the industry I work in, it doesn't allow me to stay in the same place for a long period of time. If you were me and you couldn't commit to living some where for 5-10 years, is it a bad decision to go for the best deal in my current city (fort lauderdale) or should I focus the best deal in any city? 

Question 2) I have $10k I feel comfortable putting into my next investment (which I would like to do on my own), should I wait and save more or start seriously looking for deals? It wont take me forever to raise the funds but it wont be immediate. 

P.S. just got done reading the ABCs of real estate investing and millionaire next door. Got the fever! 

Thanks for reading! 

Joel 

Only having $10k doesnt give you many options unless your looking for lower end homes in questionable areas. I would save up a little longer until you have at least say $25k. You could get a decent home putting down 20% + closing cost somewhere. 

Buy in the city or area you feel comfortable with, its all personal preference. 

Good luck

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