Newbie Help

[Joseph Ruzic]

Hi everyone. My name is Trey Ruzic and I am new to the BP community. I recently sold my first rental property (bought in 06 as primary residence, upside down for 6 years, then finally made a decent profit this year). I have some cash and want to start investing in cash flow properties. I have attended the intro Lifestyles Unlimited session and it sparked me to look for other ways to network versus paying the $500 membership fee just yet. I have a GREAT realtor but honestly with so much information out there on how to start its a little overwhelming. I'm looking for any advice on how to "start" right. Not sure if this info will help but here is what I am looking for/working with: --Buy and Hold strategy --Either single family or duplex properties --Looking for monthly cash flow --Currently have about $30K in cash to start with Thanks in advance for any help!!

[Tim Koger]

Welcome @Joseph Ruzic, I too consider myself new to REI & I can say what has helped me develop some clarity and eliminate information overload is to educate yourself in a structured manner. For example, read the Ultimate Beginner's Guide. It will not give you the golden strategy - if there were one, we'd all be financially free - but it will give a very solid foundation from which to build from.

You stated Buy & Hold strategy is of interest to you. I'd highly recommend reading up on @Brandon Turner famous BRRRR - Buy/Rehab/Rent/Refinance/Repeat - strategy: https://www.biggerpockets.com/renewsblog/2015/04/2...

Further, search the forums/blogs for Buy and Hold. Ask local investors who specialize in the same strategy. Pick the brain of your agent. My recommendation starting out - I'm actively practicing what I'm preaching here - is pick just 1 strategy, presumably B&H, and learn everything you can about it and TAKE ACTION. 

I scoured the MLS day/night looking for a distressed house to implement the BRRRR strategy until I found one that fit my criteria. However, the more I look into the opportunity, it's becoming increasingly clear I'm probably better off flipping. Takeaway here is to remain flexible but have a centralized focus and strategy from which to operate.

Hope this helps, good luck.