Hi All...Newbie here from Indianapolis, IN

[Atiya Dean]

I am here because I finally want to pursue my dream of becoming a landlord and/or flipping homes for a living (renovating). Hopefully, opening my own Property Management company within the next 10 years. My question is where do I even begin :). Cash on hand is a BIG issue for me. At present, my finance and I earn less than 75k per year with two small children, one of whom is developmentally disabled and requires private schooling and therapy which we much pay for. We scraped together enough money using tax refunds to purchase new construction using an FHA loan. I intend on staying in this home as my primary residence for at least 10-15 years. The mortgage payment for our home combined with other monthly expenses does not allow for me to save much cash, about $100 bucks a month at this point. We are both in college now, so our incomes will not increase for at least 2 years. Is it even possible to start this process now considering my financial situation? Is it best to wait until I can at least save $20,000-$30,000 of my own money? Any advice would be greatly appreciated. Thanks!

[Christy Barton]

Welcome to BP, Atiya! I am in Indianapolis also and to answer your question, you don't need 20k-30k to get started. My husband and I are just now ready to start holding properties but we built our capital through a process known as wholesaling. You will most likely need to spend a little time learning the ropes so I'd suggest attending REIA meetings around town; there are lots of good ones. :) If you want more info on the REIA's send me a private message and I can look up a few of them for you. You can also do a google search for REIAs in Indy.

Good luck in your chasing your dreams!  This business doesn't require tens of thousands of dollars before getting started, but it doesn't require a person with a lot of persistence and patience.  If we can do it, so can you!  :)

Christy