Newbie starting out and excited!
Hi everyone,
I am a total newbie. I just started learning about real estate and I must say I am intrigued, excited and scared all at the same time! I have been working at my current job for 16 years and I come to realize after multiple efforts in trying to find a way to become financially free and save for me and my family's future, trying various different routes to start a business, that real estate is the answer. It started out with Rich Dad Poor Dad as so many other people started out and I guess I've been doing it wrong all along but it's ok because my eyes are open now. My partner and I have a good chunk of money in our savings and all this time we took the route of just save and save and hopefully it will be enough for our retirement but now that I am 43 I am realizing that we are doing it wrong and our money is doing nothing for us just sitting in the bank. I really want to move into real estate not only because I see it as a great way to become financially free but I am finding myself really LOVING this!
Some people tell me to start slow and buy one or two SFH to start off with and then in a year or two buy a couple more, some people are telling me I am crazy and I should not spend my money but instead save it for retirement. My gut feeling is telling me to go big and start with multi family units. After listening to 3-4 podcasts a day for the past month and reading blogs on BP, I am pretty certain I can do it. I have people management skills and project management skills that I have acquired in the last 16 years. This is the first time I am writing here and I was a little hesitant but I wanted to get a sense of whether I am going in the right direction or I should stay safe. My goal is to have 100 units in 5 years by purchasing 20 units each year (I am open to more but thought it would be more realistic). I live in Los Angeles and the prices here are crazy! I have family in Georgia so am looking to invest in Georgia. I am looking at properties that bring in cash flow of minimum $250/month each unit. I guess I just wanted to get a sense from people that have been in my shoes with no experience and went head on into multi family properties, out of state. Is it realistic? and for those of you that have done it, do you have any tips for me? Is it better to buy out right with cash or finance the homes and just keep adding to our portfolios (As I mentioned we do have a big chunk saved)? Thanks so much for reading this. I love this website!