Involved In Real Estate · King Of Prussia, PA · Member since 2013 · 25 posts · 0 votes
Hello all..! New to the site and real estate investing in general. Just wanted to introduce myself and say hi and to see if there were any locals involved on here. My goal is to buy properties to rent and to possibly flip as well. I guess first off, is one better than the other?
Any information and/or advice would be much appreciated. I look forward to meeting people on here who share the same attitude towards this subject as I do.
Hi Rick, Welcome to BP I'm only a few days old here myself! A good place to start isthe beginners guide under the start here tab. I have been reading alot and it is very informative. It gives ideas at least to me anyway on forming a plan where to start. Also under the learn tab there are podcasts of various subjects you can listen to while driving, running etc. hope this helps! I'm very new at this as well and wont be able to start learning my market very well till i get home in 8 months, I currentyl serve in the army. Do you have any expierence at all in investing?
Hi Chris. First of all thanks for your service! Secondly the only investment knowledge I have is buying and selling my first house. I understand the principle of it all and until recently I really though it was beyond my reach. I'm starting to see that it is not. With some drive and what seems to be, not that much start up money, I feel I could own my first rental property by years end. The market I am looking to buy in is the one I grew up in. This way I know the good school districts, where the lower taxes are and what types of renters I might get. Also I am very handy and have experience in remodeling and lighter construction so that way I feel I could manage my properties myself. What is your plan as far as investing goes?
Also the advice on the pod casts will come in very handy. Thanks!
My plan for at least the next eight months is just to read, read, and read more. I find my plan constantly changing the more time i spend on BP. I have no capital I'm willing to risk as this is my familys nest egg for when i get out so right now I'm leaning towards getting my RE lisence to learn the ins and out of the closing process, and building a buyers list. Also learning to price out the exit price of my market. once i get a good feel of the market and some comissions saved up I will head down the wholesaleing road for a while to build more capital. Like i said though it keeps changing. I currently own a home here in el paso, tx right now where im stationed. This property should bring in decent cash flow for the next few years. I do not like the thought of being a out of town owner for a lond time. so i will sell in a few years if the market is right.
Yes I forgot to mention that I am researching getting my RE license as well. I think that is a great starting point. How long does it take to get certified in TX?
I dont plan on getting lisenced in TX, im from VA so when I get out im moving back home and will get licensed there. Not sure exactly how long, but i know something like 60 hours of courses to take the exam. Do not quote me i am still looking into it.
It isn't a question of whether one is better than the other. It really all depends on your goals. Do you want passive income or do you want to generate capital. Is the market you're looking at good for flipping houses (ie. can you buy homes at a big enough discount to make a profit after flip)?
These are just a few things to think about and there is plenty of articles comparing the two. Happy reading!
Welcome to BP. If you are looking to generate cash then flipping for profit will help you achieve that goal. Renting is going to help with passive income. Both are admirable goals!
Welcome to the forums. To add to the above comments, the buy and hold is typically a long term approach that generally ties up capital. It also involves landlording. However I would say its usually easier to find a good rental that doesn't need much work vs. a good deal on a flip that doesn't need much work. So I would think the ease of entry into investing probably points to the buy and hold.
Cool, I'm in the Philadelphia area myself. I'm just getting to know the site myself. I've been browsing it all week & just joined up. I'm not sure exactly how everything works on this forum but I'm trying to get into my first property myself, feel free to PM me and we can compare notes.
Hey Rick Damian! How are you man? Ugo here, also based in Philadelphia. Wholesaling mainly in South Philadelphia but I have been know to travel for the money. Glad to have another local on BP. I look forward to linking up man so feel free to reach out.
Hey Kenneth Elrick you do the same thing man, Locals are where its at! Thanks!
Flipping give you cash flow and profit (we hope); renting gives you
longer term income; two entirely different approaches and I believe different mind sets. Some can afford to do both and that also makes sense. Attend some of the Real Estate Investment groups, get involved and you will find you're way.
Thanks for the warm welcomes everyone. Much appreciated. I look forward to hearing more about your individual achievements and being able to ask more questions!