Seeking Advice about First Investment
Hi forum members, my wife and I are new to BiggerPockets, and we're happy to join.
We have some savings and were thinking about making money in real estate. I have a close friend in Las Vegas (he's a real estate agent) that has been telling me about the deals he has been coming across. He said that there are "wholesalers" that he can buy houses for below market value. So he told me that it's so obvious that if you do the math that after fixing it up a little and selling it at about the going rate, I'll make quick money. From googling around, this sounds to me like fix-and-flip.
I have zero experience with this kind of strategy, and I didn't really speak with anyone that's doing this. So I was wondering what you guys think about this strategy, if it's risky to put most of my savings into, and also what you guys think about the market in Las Vegas. (if it's on its way up or down, or plain unknown).
Thank you for any help