Updated almost 9 years ago on . Most recent reply
New guy from Indianapolis.
The short of it:
I want to be able to give my children a great life while earning passive income so I can be present as much as possible. I am currently enrolled in an MBA program and work as a Financial Analyst. I got interested in real estate investing by renting out my downstairs bedroom of our 4 bed 3 bath to a master's student from Turkey. He covers about 30% of our mortgage and I think I have the bug (he has paid 2 months rent so far :) ). I read Rich Dad Poor Dad about 3 months ago and just didn't know how to use that information. My number one hurdle right now is convincing my wife that we will not lose everything and end up in the poor house by investing in real estate. I look forward to learning as much as I can and hopefully pulling the trigger on a buy and hold as soon as I can convince the Mrs.
One question I will be researching on these forums first is how to determine the quality of a market. Indianapolis covers a lot of area with many differing neighborhoods, just like any big metro area. How can I research areas that may be fruitful to invest in?
Thank you all for being here!
Most Popular Reply
The REIA's are fine but if you are that short on time, I'd maybe pass for now.
Do you have any equity in your home that you could turn into a HELOC?
Do you have an IRA or 401k that you can make self directed?
Heck, I used 0% balance transfer offers from credit cards to buy my first properties - just write yourself a check that the credit card company sends you for the balance transfer and you've got 0% money for 12-24 months depending on the offer...just don't go to Vegas with the money!
Be sure to not get stuck in "analysis paralysis" and try to learn all the many different REI strategies. It's very easy to get distracted by "shiny objects" and never pull the trigger on anything.
I'd suggest buying a home in an "okay" area for around $20k and rehabbing it to make rent ready. That process will teach more than any book will. Yes, it's going to suck and your wife won't sleep - but it will be worth it.
Keep it or sell and then do another one and then rinse and repeat.