I recently lost my job and what better time to start a full-time career as a real estate investor, which has always been something I have wanted to do. I have a friend who has a lot of connections (banker, construction, inspector, agent) and is willing to help me get started. I want to start with fix and flips. I have ~ $70k in equity in my home, $40k in savings, and $350k in a 401k. My question is, what would be the smartest way to fund my first deal? I'm looking for something in the range of $100k to purchase. Any advice is appreciated.
I am not sure how much investing education you have about investing but I would start out by researching/studying. Attending some of the education on this site, become a member of investment groups in your are. Check out the items this site has to offer. Search through the forums for more educations.
Finding deals: Realtors, Wholesales, Drive for Dollars, go to networking events with investors, ask friends, ask family, go to neighbor events to get to know people. Set some guidelines you want to follow on what type of property you want to buy and tell everyone near, far, and even in space haha make sure everyone knows. Craigslist, Facebook market place, Facebook groups. Zillow, Realtor.com, other for sale by owners site, this site has a location you can look at deals. Really you can find deals anywhere but remember the numbers have to work for you! :)
@Bobby Ryan Welcome to my favorite strategy fix and flip. You can typically make a years worth of rent or more on a successful flip in 90-120 days. Partnering with a money partner may be a good idea based on what you mentioned is your investment amount. Best of luck in all your endeavors.