I'm new to the forums . I'm currently doing the 9-5 Gig as a staff accountant for a major supply company in the Northeast but am interested in getting into rental real estate. Although I need to learn much more about real estate in general, I have a strong financial and accounting background which I think helps me a bit as I understand how to read all financials and understand cash flow, etc. Does anyone have any advice for someone who is trying to make the transition from employee to business owner? What are some of the 1st steps that some of the more experienced people here in the forums did besides educate themselves which I'm trying to do more everyday :D
Hello and Welcome!
Being good with numbers will indeed help you as you
put pencil to paper to work out the details of a
Things like cash flow and cap rate and such really
come hard to some people. You should be right in
There are all sorts of Real Estate things you can do
while keeping your job. You can buy a duplex for
example, or take control of a property and flip it.
Not easy, but do-able.
Thanks for the Advice Wesley.
I'm only 24 years old and I'm trying to save money to make my first investment. Generally speaking what's less risky for the beginning real estate investor, Take a property and flipping it, or renting out a duplex? or does it all depend on specifics? I like the idea of having consistent passive income from a rental but it seems like alot of investors make more money quick by buying property, fixing it up and selling it for a quick profit.
With a good credit rating, how much could/should one expect to come up with out of pocket for his/her first investment?
Hello and Welcome to the forum.
Your education with numbers will be a great asset.
As for your first project, that will depend on what you want to pursue. Also, the type of deals that you come across to know how much outlay you will have upfront.
Hello and welcome to the forum.
Being an accountant will serve you well in this field no matter which direction you go. A lot of the questions on this board rotate around investors not knowing if the numbers work on a deal.
As for where to start ... that depends on your time, interest, available cash/credit, types of properties available in your area and so on. Rentals and rehabs are just some of the things that you can do.
This is exactly what I've done; feel free to give me a PM.
Personally the way that I went was I started out by becoming a landlord of a multi unit property. My goal was passive income as a way to transition from 9-5 to full time REI. I'm still not full time REI, but I've gained a huge amount of knowledge (some of it the hard way!).
All of that said: knowing what I know now I would have started out by wholesaling properties instead of trying to landlord. Use your skills for evaluating deals and exploit it as best you can. You'll have to work harder, but it's probably a better match to your current skill set.
Oh you can landlord AND wholesale... but good luck trying to do that while you still have a 9-5. I can tell you from experience... it's very, very tough to do that and it's impossible if you have a family. Just not enough time in the day.
Thanks for the feedback everyone, I appreciate all the help I can get. Right now I'm trying to raise capital and develop a better understanding of the real estate market.
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