New member looking for advice

9 Replies

Hello all,

I am looking for some general advice, and which direction to take investing in real estate, given my current information.

I am 30 years old, I have a 65-70k a year salary. I have 0 debt. I purchased my "starter" home 2 years ago. I went conventional and put 5% down, and had my PMI rolled in. I have a mortgage of 134k. It will probably appraise for 140-150k. I have 50k in liquid. This will not be my long term residence. I have a finance and young daughter. So I will be looking to upgrade into permanent/better school disctrict residence within the next 4 years. Thought about keeping it and renting it out? Which route would you guys recommend I take as a beginner looking to invest? Also any good books, blogs etc. you could recommend for beginners I would I appreciate.

Thank you,

Jonathan

Thank you mark. I am still navigating  through this site, there is so much knowledge. Would anyone like to share with me any advice on what they would do or have done with a similar situation as mine? Any responses are much appreciated. Also I am in delaware county, PA. Right outaide Philadelphia. Thank you 

@Jonathan Prettyman

Welcome. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). You can Google to locate them and go to meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

Welcome Jon, Paul Timmins pretty much hit the nail right on the head w/ everything he mentioned. All of his suggestions will serve you well in learning the industry. Just be diligent in getting up to speed. Best of luck! -James

@Jonathan Prettyman, I work with a lot of newer investors here in the area. I'd be happy to show you how to leverage your cash in order to do multiple projects, and maximize your ROI. Shoot me a message to further discuss.

Originally posted by @Anthony Heyward :

@Jonathan Prettyman, I work with a lot of newer investors here in the area. I'd be happy to show you how to leverage your cash in order to do multiple projects, and maximize your ROI. Shoot me a message to further discuss.

Anthony, 

Thank you for your response. Could you private message me for more info? 

Learn your market, learn from this site, and figure out what you would like to do. You can get into a lot of debt fast or you can pay cash and move slow. You can rent and hold or flip or anything in between. Do you want to invest in commercial or residential etc. Everyone is different with how much risk they are comfortable with and everyone is different in what kind of deals they like. See what others are doing and how they are doing it well and I think you'll start to have an idea of what fits you. With your personal house when you move see what the market does and what fits you. If you are looking for cash flow you may be able to cash out and pick up a couple cheaper houses or a duplex to use as rentals with a better cash flow. If you are underwater at the time you decide to move you may need to rent it out for a while. It all depends on what you want and where the market is at the time you're ready.

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