I am new and have been trying to develop a strategy for how I want to do real estate. I haven’t decided on my niche yet as I am trying to do research on all of them with the goal being that I would like to purchase any first property by the end of next year. I was just curious about what strategies did you all follow when starting out? Did you start out wholesaling or flipping or just jump in with a partner for the first few to learn the ropes or something else?
I think you should really hone in on where you want to be in the space. Do you enjoy marketing but don't want to deal with tenants and problems with properties? Then do wholesaling. Wholesaling is not an easy way to "start out" in real estate which is a common misconception. If you are lucky enough to come across an amazing deal, rather than wholesale it, I would do everything I could to find able partners to provide the experience and capital to get the deal done.
Flipping: Do you enjoy seeing projects from start to finish? Do you have the guts to handle paying a mortgage out of pocket while your property sits on the market?
My end goal right now is to get into mobile trailer parks and to own mobile trailer parks. But, I don’t have the capitol to get to that point yet. But I don’t see myself starting out doing that immediately. I want to get my feet wet and start out in a spot where I partner with someone and start to get to know the industry. I want to spend the next year building capitol and selling the rental house I currently own to use as a DP for my first property. I am hoping that if I find a great deal, I can get an experienced partner to go in with me and teach me the ropes. Starting out though, I am still debating on whether or not it would be wise to jump straight into Mobile trailer parks or start off in another industry and work my way up to them.