Where to start? Seeking been there, done that advice

[Tom Jones]

Hello, 

I am totally new to purchasing real estate. I would like to purchase an asset by August of 2018, but I have no idea what to purchase, and how to go about planning for the purchase.

I've read two bigger pocket books, and some Rich Dad, Poor Dad books, but after reading the Bigger Pocket books, I became overwhelmed, and I'm not sure I'll have the time and energy to do all of this, because I have a full time job.

My plan originally was to work for 2 years, save up 60k by August of 2018, and then after I got 2 years of employment under my belt I'd be eligible for an FHA loan, and then I could buy a 3 family tenement house in Worcester MA. Then I started wondering if Worcester was really the best place to invest because it's kind of a sketchy area. Then I started wondering if maybe there were better assets to purchase besides rentals. Maybe instead of renting to families, I could rent to businesses or something along those lines. Maybe renting a garage out to an autobody shop would be better? Or renting to elderly communities?

I think I'm kind of suffering from analysis paralysis. I'm not sure what the best thing to do is. My goal is to purchase an asset by August of 2018, and I'm on schedule to save 60k by then, but I'm just not sure what to purchase. Ideally, I'd like the something with the least hassle, and most financial benefit. I even started to wonder if maybe I should wait for the stock market to crash again, and then just put money into the stock market when there's "blood in the streets". But I don't know. If there's anyone else on the forum who has been in a similar situation, I'd love to hear some of your been there, done that wisdom. Thanks!

Also, I was wondering if Massachusetts is really the best place to invest in. I know renting laws in MA are not friendly to landlords, and they always favor the renter. But then I don't know if I'd be getting in over my head if I rented out of state.

I also don't know if 60k is enough capital to begin investing. Maybe I should save up more?

[Ann Bellamy]

Well, I think until you figure out what you want to do, that you should continue to whittle down the various options.  Buying something for the sake of buying is to be avoided.  

For example:  Do you want to buy something and then never think about it again until the check comes in?  Or do you love the idea of transforming a wreck into something nice?  Do you hate taking complaint calls?  Then you might not want to be a landlord.  Or if you are, you want to be sure you have good property management to take those complaint calls.  Are you really good at cold calling?  If so, then you might be a good wholesaler, uncovering off-market deals.

In other words, define what you like and don't like, and what you're good at and bad at, and then define your goals a little bit by eliminating strategies that require you do what you're not good at.  

You'll be a lot more successful if you do something you enjoy, or that gives you satisfaction when you look at your income statement or balance sheet.  Or whatever floats your particular boat.  So I wouldn't worry about what other people like and do well, I'd worry about what you like and do well.  

Take the time to define what most appeals to you, and you'll be more successful at what you eventually choose.   You have plenty of time to read and read some more while you save money.