All Forum Posts by: Christopher N.

@Russell Brazil

Inflation is actually what scares me most. I’m currently sitting in a mostly cash position wanting to invest.

IMO: Sitting on the sidelines is worse than not playing at all.

@Adam R Gebner

Congratulations! Seeing success stories is inspirational to someone just getting started like myself.

@Alexander Szikla

Re: Primary Residence and BRRRR

This is definitely an option, and a parallel path I’ve been pursuing.

So far I’ve gotten outbid on the houses that would fit my criteria as solid and livable but in need of updates.

One thing I’m unsure of is if I were to take on some kind of hard money, the financier would expect a quicker turnaround, therefore potentially limiting my ability to live there after repairs are made, before getting a renter in place.

I’m not sure how that scenario would need to play out to be successful.

@James Hamling & @Spencer Kelly -

Thanks so much for your replies. They really got my creative juices flowing and seeing a bigger picture. This is exactly why I posted. I don't want to paint myself into a corner when there's a world of opportunity out there.

I am a business consultant. I help companies with improve their leads, sales process, and bottom line by improving their online real estate.

James, You're right that the market can be tough right now. I know when I've run the numbers often there isn't enough margin to improve the property and get out with a profit.

BTW: you've given me a lot to think about. I'd love to talk more.

...

Hey there! I'm just starting out so pretty much a wannabe investor, and looking for advice to make sure I'm on the right path.

I'm actively looking for my first investment property.

Right now I prefer the fix and flip strategy to increase my cash options (see my future plans below), as well as provide flexibility, but reality is I need to figure out if I should first buy my primary residence vs. buy a fix and flip vs buy a property to rent out (BRRRR) to start .

Here's some personal background:

• I'm leaning toward living in the NW Twin Cities metro as that's where my family is.
• I'm temporarily living in Northwest Wisconsin about 2 hours from the Twin Cities. Current rent and housing expenses are super cheap at about $600/month.
• Cash on hand: $158k
• Available Investments: $65k
• Available IRA: $113k
• I have no debt besides my living expenses
• Also, I took the last 2-1/2 years off of 'work' so I could take care of my elderly parents. I mention this because I work for myself, have no W-2, and won't be able to get a conventional loan.
• My future plans include continue traveling around the U.S. in my RV, buying an airplane, and continuing my flight training. ;)

Any advice on what my best 'first step' might be?