I’m selling my home in Texas and will be making roughly $55-60k. I want to begin investing down here in Tampa/ St. Pete and don’t know where to start. Should I begin flipping houses to build capital? I’m afraid to start too small end up with no real return. I’ve met and heard a lot about new western in my area. Some good, a lot bad. I’m interested in networking with some locals here in Tampa and st Pete! Give me some pointers and tips would be much appreciated! Thank you. Goals if you are wondering is to build a portfolio. Somewhere in the area of 500 doors. Looking to retire early
Hmmm ... Find a package deal for buy and hold. Spend only 40 k, leave 15 k in reserves. Start building your portfolio, do not flip until you have cash flow to cover monthly cover costs etc.
Go to your local REI group find a partner that will show you the tools and techniques.
Finally, start building your team. Do you have a realtor, CPA, lawyer, inspector, wholesaler, and contractor team yet.
Just a few ideas while you get ready!
@Alex Hogle - There is a lot you can do with $55k-$60k. How much of a reserve do you have? I would make sure you put aside $10k-$20k just to make sure you are covered for when things go wrong. With that, let's say you have $40k liquid and ready to put to work.
If your situation allows for it, I think house hacking would be a great idea. With an FHA loan You can get ~$400k property for under $20k. If you can get someone to rent out the other side, you have an appreciating asset while someone else is paying down the mortgage (and maybe even more). Living for free makes life real good!
Remember, you aren't going to get rich overnight. It's a get rich slow approach. If you can do this for a few years, your investments will start to snow ball and you will be in a good position to deploy your capital elsewhere.
Hope this helps!
There are so many things you can do and an enormous amount of help in this community but in my opinion you should evaluate what you do well and have a passion for and see what works best with those skills. What's good for me might night be something your comfortable with but that's the beauty of Real Estate investing you control your own destiny!! If I can be of any assistance to you please reach out I have some family and friends in Tampa and use to live there myself it's an awesome place!
Being employed with NW I might be biased but we succeed only through our investors making good money and have repeat business with us.
Far as new western rep the best way to get a feel for a company is to go try it for yourself. You will hear good stories, bad stories, etc about almost anything in this world especially on social media. The best review is your own personal review.
Far as what your concerns are 55-60k should be more than enough to grab a hard money loan but have you're eggs in a row as far as contractors and timeline of things you want complete if you want to go the off market route.
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