I'm 28 and just starting out in REI. I am a performer on Broadway for a living, but in the performing industry it's difficult to know when your next gig is going to be. My fiancée and I are paycheck-to-paycheck with our 10 month old son and we're fed up with it. Or at least I am.
I want to get started and am especially interested in the BRRRR method and flipping, but with my finances the way they are right now, I don't think it's possible to go it alone in such an expensive market. I do have a great credit score, but I'm managing debt right now.
That said, does anyone have advice on either going it alone OR using private/hard money in an expensive market? I’d like to keep it in my backyard to start. I live in Astoria, Queens, so I’m looking at NYC, but mostly the boroughs.
Any advice, leads, guidance is greatly appreciated.
Hello Travis congrats on starting out. I will advise you to get educated first to know what kind of REI you and your fiancée want to do. Also there are BP people who are in your area that have REI meetup. There you will be able to meet investors you can start having relationships with. Why cant you start with wholesaling first to help you get some income? That is what I will do but don't let it stop you from starting out.
Yes, I've heard of wholesaling! Something that I'm definitely interested in doing, but lack the know-how. Any suggestions on where to read up on this? Also, once I do get started, I'm looking to do the BRRRR method as well as flipping. Thanks for the reply!
Brandon Tuner and David Greene have a podcast on BP and video.
@Aaron Belt, thanks for the info brother! I'm gonna check those forums out, for sure. Once I have enough capital and my credit cards are paid off I plan on starting with the BRRRR method.
You think I should look on Meetup for some REI groups? Thanks again for the response. I'll hit you up if I have any questions.
@Aaron Belt oh, also, do you or @Adekunle Ilori have any opinion and/or experience with using private financing for a first deal?