Just starting to explore

[Patrick McElgunn]

Hi everyone!

I've been listening to the BP podcast for a couple months now and have finally decided to pull the trigger on signing up and joining the community here.  I'm just getting my feet wet and trying to learn as much as I can about real estate investing in my spare time.  My wife and I both work in the Midland, MI area, and while I have a great full-time job with a decent salary, my primary goal is to diversify my revenue stream. 

In the immediate future, our goal is to bring in enough to replace my wife's income (with baby #2 on the way, she has dropped down to casual status - 24 hours per month - at our local hospital) of approx. $500/mo. Longer-term, I'm hoping to match my current salary. I'm not necessarily looking to quit my job, but rather provide additional income for my family so that we can better invest for our future, our children's future, and have some extra "fun money" to take family trips. While real-estate is my primary focus on becoming more diversified, it is not the only option we are exploring right now (1 thing at a time though, right?). 

I'm of the "buy and hold" mindset right now and I'd like to find a couple small multi-unit rental properties in the Great Lakes Bay Region of Michigan to begin building up some steady, recurring revenue.  If I'm totally honest, I'd really like to try flipping a house in the future though. However, I would like to build up a solid/consistent rental income stream first and use that to help finance my first flip.

I look forward to connecting with you all and as many people as I can in my local community! I welcome any and all questions, feedback, advice and invites to connect.

Best,

Patrick