New to the Real Estate Game!! Please read. Any advice is wanted!

New to the Real Estate Game!! Please read. Any advice is wanted!

Homeowner · New London, OH · Member since 2015 · 1 post · 0 votes

 Hello there! My name is Kevin, and I am looking to get into Real Estate. I am 21 years old turning 22 next month! I have 2 kids and I am set to be married in a few months. I know this sounds young and financially crazy (2 kids) to start the hike down Real Estate lane... but we are in a perfect spot. I am in a career field of Law Enforcement and she is in her dream field of Orthodontics. We make great money and have 0 student debts.  We just purchased a 2 unit duplex with an attached garage on the bottom. We plan on living downstairs and fixing/renovating the upstairs so it is up to code. Then moving upstairs and repeating with the downstairs unit. Once completed we plan on moving out and renting the whole thing. We have been VERY responsible with our credit scores to this point, so I am the only one on this loan for the duplex. Only 66k. Our goal, in the next year or so, is for her to buy another local property (3 unit single story / apt style) and continue on. We have so many questions as to how to move forward. Is renting the best money gainer when starting from a smaller bank account? Or is foreclosed/short sales and flipping better? Real Estate license a must? Just any kind of TIPS or SUCCESS story's would do wonders for us!!! Thank you in advance for your time. :)

0Reply
24 views

3 Replies

Jump to latestLatest
  • Renter · Santa Fe, NM · Member since 2015 · 18 posts · 3 votes
    11y

    welcome Kevin 

    Real estate license isn't a must but it helps, gives you access to MLS etc. I'm no expert what so ever but my advice would be to build relationships and a network wether it's an electrician or a contractor even a seller or buyer because you never know when you will have to reach out to someone again. Or who might you be doing business with later on in your career.

        I think buy and hold is a safer way to start and a good way to learn the business while creating cash flow. Many people will disagree but that because everyone has a different goal in life and how to get there. 

       Reach out to investors in your area and seek advice. Stay active on BP,  read up is much as you can. Educate your self about the business. 

       I'm not sure what type of neighborhood you live in or what the comps are around you but don't go crazy and over do it on the rehab.

        If you have any questions or anything else feel free to reach out 

  • Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    11y

    @Kevin Thomas

    BP is full of useful resources. Welcome to the Bigger Pockets community-be sure to check out all the awesome BP blogs under “Learn.”

  • Real Estate Broker · Tipton, IN · Member since 2014 · 436 posts · 39 votes
    11y

    Welcome to the BP community @Kevin Thomas! 

    This is a great place to learn about all things real estate. Be sure to connect with other BP members and make some friends along the way. 

    While you're at it don't forget to set up keyword alerts for topics that interest you: http://www.biggerpockets.com/alerts

    Also check out The Beginner's Guide (http://www.biggerpockets.com/real-estate-investing) and BP Podcasts (http://www.biggerpockets.com/renewsblog/category/podcast/) are packed full of great info.

    All the best in your RE ventures!

Join the conversationCreate a free account to reply, vote on answers and follow this thread.