Advice for getting back into Real Estate Investing
Hello everyone, this is my first post as a newbie on BPs. I would love to get some advice. I am 57 years young and getting back into real estate investing, I was a Realtor of 8 years but let my license lapse(going to get it back). I currently own a duplex and a fourplex(neither is paid off). I am looking to go full time, my current situation is that I do need to get cash flow as soon as I can and was hoping to get advice from the BP community on which strategy I should focus on. The hardest step to take is the first one, just want to put my best foot forward in the right direction and get focused. I appreciate any and all advice. Thank you
Hi @Pete Johnson. I'm glad to hear you want to get back into REI. One piece of advice I would have is to make sure you have a mentor or an experienced business partner to bounce ideas off of. You want to make sure you are doing things correctly. You can even partner with these individuals to grow your business. Good luck!
-Paul
What strategy depends on where your at in life, what you need, how aggressively you want to invest, and what capital you have. BRRRR strategy is great but in this market it takes more leg work and cash to find good off market deals for flips and BRRRR deals however it is still very possible. If your trying to maximize cashflow right now. I would first make sure all your rentals are at market value as this has increased a lot in the past year. Maybe consider a househack if your in the position for it. You can still find good buy and hold properties on the MLS that are affordable in some markets like PA for example. Its hard to give a specific answer without more info. This is some food for thought. Hope it helps!
Hi @Pete Johnson,
To piggyback off of Austen, the house hack might be best in your situation. Depending on where you are, where you current properties are, and where you want to live, you have some options with house hacking. Do you also own the property you live in now? If not, it might make sense to move into one of the units of the properties you currently rent out. Sounds like you want to add a property to your portfolio. If you have the means, buying a house to rent out a room or two may also work.
If you feel like sharing more about your situation, I'd be happy to dive deeper.
Hope this helps.
Charles
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Real Estate Agent California (#02130216)
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First thing to do is assess your duplex and four-plex and ask yourself if they are cash flowing at max capacity. Why or why not? Is there anything you can do to upgrade your tenants and buildings so you know they are maxing out as you look to go into more doors. My worry would be that you are looking to get back into REI for the cash flow which can lead to bad (quick) decisions to get going quicker. Are you transitioning out of another job and into real estate agent and investing as the main income?
Thank you for the replies, very much appreciated