Motivated but intimidated
Good morning everyone! I am new to the Bigger Pockets group. I am 52 years old and getting a late start. I have a solid career as a I&E tech. I work a rotational schedule of 14 on and 14 off. I have had some major life impacts and i realize that even though i have a great career its not the life i want to live and i want to leave something for my family one day. I have a good friend who is in real-estate with his father. They were roofing contractors that invested into real-estate. They only buy foreclosures and tax lien properties. They now have over 100 properties. But that requires the capitol to pay for the properties upfront. As i have been listening to the bigger pockets podcasts and researching i am beginning to believe that its possible for me to obtain financial freedom one day. But its very intimidating because i am ignorant to this venture. I have a construction background. Years ago i was a general contractor in Ca and I am a finish carpenter\cabinet maker by trade. I switched to electrical and instrumentation when i had kids for the insurance. Do to health reasons years back my savings took a big hit. I have 50K set aside for investing now. I currently live in Lubbock Tx. I have made a list of all the reasons why i want to become a investor in real-estate. But i am also fearful because of my inexperience and don't want to put my family in jeopardy if I fail. I have a solid work ethic and i know this isn't an overnight outcome. I am committed to do this long term, I actually have a 10 year plan. In 10 years i retire from the company i work for. I would like to have enough passive income at that time to cover my living expenses without my retirement. I read all the time its doable. My wife and I are ready to make sacrifices. We do have the normal debt. mortgage, car payment etc. In hind sight now we were foolish in some of our purchases. But when your not sure tomorrow will come do to health sometimes we make unwise decisions. I know its the same story as most, I am wondering if you can share some suggestions and insight on this process. I have written down Davids steps, but I wonder if Lubbock is a good place to invest. My intentions is to sign up for the pro plan. The calculator and rent estimators seems like they alone are major benefits just starting out. I think i am at a point where Coach Carson motioned. I have read so much information and listened to so many strategies i am now possibly over complicating things. I have heard and read that the first property is always the hardest. I actually have a property already. Its not a rental as of yet. We own the home my wife's father lives in. In the future it will be added to our rental portfolio but as for now i just say we have no property other than our home. Thank you all in advance for listening to me ramble and for any advice or wisdom your willing to share!!