Is It ok to change exit strategy?

2 Replies

I have been educating myself on REI for some time now and I am getting a better idea of what I want to do. At first I wanted to jump into wholesaling because it seemed like a quick start and quick way to earn my own funding. I believe I want to shift into fix/flip and more so buy and hold. I got the buy and hold preference recently went looking for places to rent with my family and noticed my area and city is very fond of apartments and condos and they rent quick. These property types are far cheaper than single family and cash flow same or more than SF with less out of pocket. As far as fix/ flip, I figured I would connect with a trust worthy wholesaler to get good deals from. Is it ok to have this change of perspective? I am taking it as getting to know what I believe fits me and my circumstances.

@Jose Diaz  

Of course your plan is going to change as you get more knowledgeable and see what happens. If it didn't change I would be worried. We own 5 houses. Our strategy has changed a lot. As I have said many times before on this forum and in my blog/website we started out with a foreclosure. I than planned on buying in virignia beach . When that didn't make sense we found Charleston on a fluke. I had planned to buy 5 because HOA's make perfect sense at the time. Well now if I can help it I will NEVER buy in HOA's again. They are awful. I also am buying in more expensive areas with better appreciation, lower escrow fees. What I didn't realize in areas that didn't appreciate as much is that costs still rise even if rent and house values don't.

Personally you should be growing and changing as you "age" in real estate. There is a reason we start as a baby and grow into an adult. Our "business plan" while staying relatively the same, retire at 42 and 44 on our cash flow has changed significantly regarding how we carry it out. 

Nothing wrong with changing your plans. Experience helps you to see what you like and do not like as well as what works and what does not work for you. 

Good luck! 

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