Welcome to BP @Nicholas Meyer ! I am sorry to hear about your injury but commend you for moving forward and looking to take positive actions. If you are new to REI as a whole, I would say that you should continue getting educated. There area ton of strategies to learn about and explore, but you should figure out what your goals are. You can then tailor a strategy to use that. For example, if you want to generate a monthly cash flow of $3,000, then a good strategy to pursue is buying rental properties that generate cash flow until you reach that figure. I hope that helps!
Thanks for the reply Dan! I will definitely take the advice to continue my education to heart, there is a lot to learn and this is a great place to start learning. I am actually attending a 3 day seminar on REI next weekend. Rental properties is an attractive option, and I believe it could be a good fit for me. Thanks again and I'll look into the information you have available on BP.com
Be careful when evaluating your rental properties. Most financials i see over estimate income and underestimate expenses. They leave out things like vacancy and management. Usually rentals are a long term equity strategy. If you are looking for short term / immediate income, I would recommend fix and flips, wholesaling or lease options.
Welcome @Nicholas Meyer!
Thank you for sharing your story. 1st goal: Capital Preservation. 2nd goal: cash flow. 3rd goal: grow that nest egg. Before you start thinking about what to invest in, start by asking yourself the following:
1) Do you have the time and bandwidth to execute you real estate investing business plan?
2) Do you have the skills and experience to successfully execute a real estate investing plan?
3) Do you have to be the one quarterbacking the plan or do you feel comfortable with someone else making busines decisions on your behalf?
After you answer these questions, you can start considering what to invest in and where. I personally like investing in B and C class apartment communities in high growth markets (population and jobs). Why? Because this product, as long as you secure long term debt, will give you steady cash flow, appreciate, and provide a ton of great tax-saving benefits.
Sean, your post rings true to me on so many levels! I love how you have broken down my story into defined goals, and i agree with your assessment. I am currently learning as much as I can about REI and spending 4-6 hours a day reading, listening and watching, along with occasionally evaluating properties. I do have the time and desire to make this a successful venture for my, and I want to start investing in properties that will cash flow for me. Thanks for your response again, and I'll add you to my network on here.