What to do 1st? Where do we begin?

Question

Tom Keith · Answer

Hey @Jessie York, ‘welcome to the society  and hope you have good results.  Colleague with @Mike Reynolds, he is a good guy and can help you in your backyard.  If you have the opportunity you should find a REI group to get some contacts to help you through the beginning.  also, see about finding a Good Investor agent to help you find and know the correct properties.  Then check them out on the Tools section here on BP to make sure it is a good property.  Go easy and smooth to invest in the right property for you.   Best Wishes.

Mike Reynolds · Answer

Thanks Tom. If I can ever get my schedule in order I am coming up to one of your REI meetings. If y'all do ever have one on the weekend let me know.

Mike Reynolds · Answer

Hello @Jessie York.  Our area is kinda weird right now on prices. Its best to find an off market because prices arent in line with profits right now. If you are interested in a flip I know of an off market property you can probably get for about 50% retail. It needs a lot of work because the layout is all wrong but it is sturdy. Could possibly even get owner carry.

I'm not a wholesaler and I dont want anything for the info. I just feel it is better to help each other out as it will come back around someday. PM me if you are interested.

William W. Humphrey · Answer

You may want to consider buying real estate with a tax-advantaged account like a Traditional or Roth IRA.   In that way, you have the ability to generate real estate returns that are tax-deferred or tax free depending on the account type that you use.

Thomas S. · Answer

Take the time to fully explore which direction is best for you financially. Do not rely on prayers, trust in yourself. Knowledge is all you need to make the right decisions in life.

Get focused, work hard, adjust your life style accordingly and dig deep.

Jessie York · Answer

I’m actually wanting to build wealth for retirement & to replace current income. So I think rentals are what I want.

Bryan O. · Answer

Hi @Jessie York. If you are still not sure if you want to rent or flip, then you should give some more time to thinking about what you are after in real estate. They are 2 completely different concepts. One is investing and the other is a self employed job. Are you trying to build wealth or make money? I would recommend to keep saving and figure out your goal, then work your way backwards to today. That will help you determine which path you really want to begin, then you can focus on learning more about it.

What to do 1st? Where do we begin?

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