New and need some advice

Member since 2020 · 1 post · 0 votes

Hi all. I’m new to Bigger Pockets and looking for some advice. 36 years old, work for an investment firm and between my wife and I we make about $300k a year. We have about a $150k in savings and a retirement portfolio of just under $1m. I’m wanting to diversify and get into real estate (have always had an interest) but I’m challenged with the commodity of time. Between working 60-70 hours a week and spending the rest of my time with two kids under two years old, I’m just not sure how to get started in this space. Everything I’ve read discusses the time commitment necessary to start right, which is where I worry that I would fall short. Would appreciate advice anyone is willing to share to help me tackle this issue and kick this off on the right foot. Thank you!!

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Justin Walters
Rental Property Investor · Charlotte Hall, MD · Member since 2020 · 29 posts · 13 votes
6y
Bill,
I feel the pain. I am currently active duty military and looking to invest in my home state of OK while I am stationed here in MD. I don't have an "answer" for you but will be happy to simply talk about what we are doing.
I have reached out to old friends and got recommendations on agents and the like in the area I am looking to expand into. We are taking it slow but currently have a trip planned to sit-down with the agent we have lined up and he has agree to take me around and show me what fits into my plan I have outlined to him in a previous phone conversation.
My feelings are that you can easily expand into this area but my only recommendation based upon your primary jobs is to take it slow. Sit down and figure out your metrics. What are you comfortable spending? Are you comfortable taking on a mortgage, other private investors, or simply want to self finance? Are you considering buy and hold or do you want to finance flips? Once you have some of your basic focus areas identified, I think you will have a very easy plan moving forward and should be able to identify the markets that best fit your metrics. Once you can get on the phone with someone and describe your desired outcome (passive income, etc), I think that through networking on here, you can easily start your progression towards REI'ing.
Hope this helps,
Justin
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Michael Ablan
Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
6y
@Bill Abad - It may be worth it for you to look into investing in Syndications. These are setup so that people in your shoes can invest in real estate, without having to sink the time that goes into deal hunting, managing rehabs, collecting rents, ect.
You could also look into partnering with someone who does this full time. You can be the cash source, while they're the hustle.
Just make sure you vet them super carefully and do NOT go with someone who hasn't done a handful of deals.
Goodluck!
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