Hey, I'm 38yr old man with wife and kids trying to build wealth, I got my on around $2,000 passive income that is a goal. What do you think my best approach would be.

With passive income you are going to be looking at rental properties.  The best strategy for starting out is understanding all of the costs and analyzing properties that are for sale in your local area.  If the numbers don't work in your local area you can start to expand the search elsewhere and analyze deals in other markets as well.

@Brian Smith , your approach also depends on what you have to start with. If you have 20% down for rentals, you're in great shape. If not, you'll have to find creative ways to buy. There's plenty of threads about creative financing, and some good books on the topic. 

@Sam Grooms what books do you recommend on Creative financing?

I'm confused about some things..I definitely want to invest in rental properties for sure, for cash flow and appreciations. I'm trying to find some triplex and fourplex deals but having issues at the moment. Should I look into doing a couple of flips in the meantime using hard money to build up some money. Or should I be patient, keep looking save about 15k and get my 4plex using FHA?

Either strategy will work as long as you have done your research and run the numbers. Flipping would likely be higher return but carry more risk. Going into a multifamily with an FHA loan is a longer term play with a lower return but less risk and less active work to get it done.

@Brian Smith I wouldn't advise your first deal to be a flip. I think a more reasonable approach would be to house-hack a multi family or even BRRRR a single family residence...just to start. Once you get the ball rolling, it'll be easier to move forward.

@Courtney Johnson ..Brandon Turner wrote a book called Investing in Real Estate with No and Low Money down that i'm currently reading

@Steve DellaPelle Yeah I was looking into the BRRRR strategy and I like the concept. I was telling my wife about this and she flipped her lid! Basically saying this kind of deal couldn't be done? Hey I'm with you but I need to get some solid info about the BRRRR do you anything about it? Or maybe where I could get educated on this?

Hey! Passive income means rental income. So, you need to buy rentals. Now we need to figure out your financing options. Is a house hack an option - you could kill 2 birds with one stone?

Yes, house hacking is definitely an option for us. I guess I'm just concerned that after the money is used for rentals. Is flipping houses the next option to raise money for future rentals?

Originally posted by @Brian Smith :

Yes, house hacking is definitely an option for us. I guess I'm just concerned that after the money is used for rentals. Is flipping houses the next option to raise money for future rentals?

 You could flip houses. I just pick up the phone and ask for money :)

If you're looking for passive income, buy and hold is the way to go. And my recommendation would be the BRRRR strategy: https://www.biggerpockets.com/renewsblog/brrrr-buyrehabrentrefinancerepeatprimer/

@Brian Smith Hey Brian, the answer to this question would become extremely apparent to YOU, as you continue to read and over-consume real estate content. 

First, are ok with the fact that REI is going to be part of your life for the rest of your life? *random thought but many people move on to the next thing very quickly before fully committing to one journey* 

Also, your investing approach is unique to you and should match your investment personality—what you like. There are a 100 ways to make money in RE from note investing and NNN Leases investing.

So, as you continue to read and learn about the fundamentals (books) + other investors' stories (blogs|podcasts), you should start to tease out what peaks your interest. 

Hope this helps, Brian. Goodluck. Thanks! - Ola