All Forum Posts by: Derek Price

Option 2 would be to live frugally (not easy since you are buying a home) and save every penny until you can afford the down payment on a positive cash flow multi plex you can maintain yourself.

If you do not yet have children you can concentrate your efforts on buying a first investment property. Once you start a family saving money will be difficult to impossible for a long time on a blue collar income. 

Don't even think about giving up your day job. A paycheck is what will support your investing and allow you to borrow. Assuming no children and a dedicated frugal lifestyle, a driven commitment to grow your income property investments and possibly 10 more likely  15 years will get you to the freedom you desire. Throw a young family into the mix and at your age your future would be any ones guess.

A job is simply a means to an end, you trade time for money. You do not need to love your job only the money it pays you. 

If you make any big moves before closing on your personal home, you will put it in jeopardy.  I suggest you don't do that.  the house purchase is going to drop your credit score for serveral months afterward. so you will be limited on what you can do.

Here is what you can do for the next few months, EDUCATION and NETWORKING.  A great place to start, for free, is bigger pockets. read articles, listen to webcasts, surf the forums. learn all that you can, so when you take action you will have confidence you are doing the right thing.  Also find a way to meet other vestors. In time they will be your main supplers and purchasers of deals.  try out a real estate investor club in your area like Knox REIA or you can try out Tri Cities REIA.

Two topics you should explore first is "wholesaling" and "bird dogging".  Both allow to get started with none of your own money and let you create a network that you will use for a long time. when starting stay away from the training classes that are offered for anywhere from $500 to $20,000.  Most of these are snake oil salesmen.  Find a good coach or mentor that knows your area, and intern for them ( do the leg work). This can be very educational.

Don't get stuck in the education phase.  At some point you need to take action.  You will never find a risk free deal.  You will find a way to recognize those risks and manage them. Make an informed decision and take action.