Need some advice

7 Replies

Hadn’t had much success trading time for dollars, have had several careers though out my life. Starting over over for the 3rd time. I am 57 seven years and looking to branch out on my own. Always been good with my hands a good skill set but just can't quite figure out how to may money in the market place. I think outside of the box to solve opportunities that I have come across in doing rehab work.

I owned rentals with EX-Wife, I did maintenance, made the purchase of three units to four units and raised overall rent income. Just finish a 15K upgrade on a high end single family unit. Before Upgrade appraisal was around 162K new appraisal is 199K in a depressed South Louisiana economy.

Would like to flip my first house in the next six month so I have seed money for the next after successful second flip I would start investing for the long haul in rentals.

I can find and analyze the properties also have a good business friend to help with the analysis of properties. I'll be doing the rehab work on his properties he buys. We are currently looking in the Lafayette, LA market and surrounding areas. Any suggestions on which direction to go?

@Ray Vidos

Since you're handy, how about getting a GC license or pick an area you have the most interest and skill in? Good GC and contractors are hard to find. 

If you know how to rehab, you could start rehabbing for other investors. Build your reputation as a reliable quality contractor, then you will have the seed money for flips. 

It will also help you network with others out there, where to buy and sell in your areas. 

Sounds like you have taken that all important first step @Ray Vidos - realizing there IS a problem or pain point.  Realizing a mindset shift needs to happen.  Realizing what we've been doing isn't getting us where we want to go.

Welcome to BP, btw!  Glad to have you.  @Chris T. has great advice.  Play to your strengths.  Utilize what we have and capitalize on that.

Under Education up top are some great how-to guides.  Listen to the podcasts as well.  Connect and network with others on here and attend local meetups.  See ya around the site!

I only found one Real Estate Group that meets in Lafayette area. Thanks for the advice.

Hello and welcome to BP @Ray Vidos !  I hope the group you found is our group? ;-)

In any case, feel free to contact me if I can help you with figuring out your strategy or just to discuss your ideas.  I keep a pretty busy schedule, but I always say, a man's gotta eat.  Maybe we can grab breakfast or lunch one day.

I hope to see you around BP as a regular and maybe around town!

I am also an investor and working on my GC license! I's be interested in going to the meet ups and offer ideas, contacts, and my services!

I'll be at the meet up on Monday.

@Ray Vidos, my husband, Chad, & I are heading to the Lafayette Meetup. We look forward to meeting you.

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