Hi Everyone I’m new to this forum and would like some advice on building my real estate portfolio. A little about me I’m an architect and general contractor and own a very small design/build firm. I live in the Bay Area, am 49 and don’t have a retirement plan so I figure real estate is the best place to start. I don’t have a lot of disposable income maybe $10k. I recently bought a house and increased the square footage through a conversion so I have about $200k in equity. I also am able to build an in law but would like to do so through real estate investing. What’s the best place to start?
If you can build an ADU with your skills and actually rent it out that is a fantastic place to start. Other than that it depends on what you want to do. Flipping? Rentals? Something else?
That's my plan. The adu construction might take some time because I don't want to dip into my equity to build it. I'm working on the plans now and at least have it permitted for when I'm ready to go. I'm wondering if I should do some flips to build up the capital to do it. The ADU would likely rent for about $2500 based on comps. I would like to build a lager capital base before building up a rental portfolio. I hope to get to $10k-$15k residual income for retirement.