@John Morgan I buy 4-5 properties a month so I can feel your drive and determination in your post. BUT.... you have to be patient and get this one done first and move onto the next. I did the same thing 25 years ago and bought too fast and got into financial trouble. Its a tough business but well worth it. Dont be afraid to fail but keep your risk level low and you will be able to rebound.
Alex Deacon, Real Estate Agent
@John Morgan Hey John, to answer this question I would first ask what are you trying to accomplish from real estate? What are your goals? If you're trying to set up "passive" income I personally would recommend sticking with the rental property search. This will allow you to have fund ready if you just so happen to see an amazing deal hit the market tomorrow. However, on the other side of things if you have time and the capital necessary to experience the other aspects of real estate without deviating from your goals then I recommend doing it. At the end of the day, it depends on your goals and what will get you there.
For me, I've read and talked to other people to have a small understanding of the other aspects of real estate (flips, wholesales, multifamily ect.) which allows me to keep an eye out for any property that would be an awesome deal in any of the other aspects of real estate. I'm focusing on rentals but see may see another potential in a property. It's whatever you're most comfortable with, but if you do try a new aspect just make yourself informed.
Thanks for the feedback my friend! This sounds pretty synonymous with what I've been hearing from people close to me. Just wanted to hear a second opinion from the BP community. Thank you!
Josh thanks for feedback. My goals are definitely surrounded around establishing myself in this business to create passive income. My issue right now is, that I DO have the capital to fund other deals, but my current rental property is in the process of being rehabbed so It's just costing me money at this point so I believe this is where my anxiousness is coming from. It sounds like you are also recommending that I establish the current property first prior to starting anything else? Is this correct?
You got it! I would wait till after this transaction is complete. Figure out what you did wrong and right or what could have been done better. From there work your way up. Congrats on the first deal though!
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