Where would you start? (New Member)
Greetings BP. I have lurked for a long time, trying to absorb as much as possible. I love this website, and recently upgraded to a pro membership. I have been reading/studying for almost 7 years, but I have not been able to pull the trigger and jump in. I feel like I am in a great spot to start, but there are so many options available (SFH, Wholesaling, MBH/Parks) that I don't know where to begin. Instead of continually agonizing over the best path, I am hoping that BP nation can offer suggestions on where they would begin if they were in my situation.
My Goals: Passive income (long term). I would like to quit my day job and focus on REI full time at some point. I want to create wealth through systematically investing. I prefer hands off and buy/hold strategies for the long term, but in the early days I am open to almost any path, as long as it allows me to work toward my long term goals. I would like to have my first REI transaction completed by the end of the year.
My Situation: I currently have a well paying job (for the market) that requires 50+ hours of work per week. I have a semi-flexible schedule, and am on the road about 2 days per week. Realistically, I could put aside $1500-$2000 per month toward my REI goals. In November I purchased my first home to live in (SFH - FHA Loan). Unfortunately, my down payment assistance fell apart at the last minute, so I had to deplete my savings to close. I live in SC, where SFH homes are relatively inexpensive, and MBH/MBH Parks are everywhere.
Originally, I wanted to do Lonnie Deals, but the SAFE Act has me scared off (for now). So if you were in my situation, where would you begin the process? Any recommendations you could offer would be great. In addition, any books you could recommend would be appreciated. Hopefully, one day I will be able to respond to threads like these, not start them.
- Adam