Updated about 2 years ago on . Most recent reply
Looking to expand my RE business
I've been a member of BP for over 3 years and love getting feedback and help from everyone!
I started acquiring buy and holds with my business partner last year and we are up to 15 units.
Lately I have been really focused on moving on from my W2 job and expanding the business we have. The rentals are a nice way to acquire passive income but I want to turn real estate investing into my full time job.
I have been looking into a bunch of areas such as Flips, Wholesaling, Pre-foreclosures etc.
I have a decent amount of reserves and I feel like I need to make the jump and get started. I'm certainly not trying to tackle everything at once but I do want to use these areas to get started.
I'm reaching out to you guys for assistance on what avenues would be beneficial/profitable and how anyone suggests I could get more knowledge or insight on how to execute these strategies.
Any feedback would be greatly appreciated!
Most Popular Reply
What are your areas of expertise? Do you have background in construction, marketing, sales or financial negotiations?
Usually, 20 to 30 units is the tipping point for self-management, so you might want to keep expanding your doors until you feel the benefits of that cash flow (as well as the pain of the management).
By that point, you will have been able to narrow down the world of opportunities in real estate. Go towards your strength and passion.
Good luck. Keep investing and moving forward.