All Forum Posts by: Michael Brito

 Billy, I am also curious to know how everything is going with Memphis Invest. I am thinking about working with them. Please continue to update us on your experience!

Thanks Vicky. You sound like you have a great work ethic! 

I am thinking of purchasing a condo. Maybe I will start there. Still need to work on building my foundation, though. Thanks for everyone's input! 

Mike

Thanks Jim. I will be sure to look into that niche article. I just finished reading the ultimate beginners guide. 

Ashley, thanks for your input. I was actually leaning towards multifamily dwellings but was slightly discouraged by my lender who told me I would be expected to come up with 20 to 25% down for conventional loan. He made it seem like FHA wouldn't be an option for me since I am no longer a first time home buyer and investment properties require higher percentage down. Was I misinformed?

Hello BP family

I am brand new to this site and amazed (overwhelmed) with the abundance of information and resources available to the average person. I recently bought my first home in Tampa, FL because I was sick of paying rent and decided it was time to start putting my hard earned income into something I can call my own. After speaking with friends who invest in real estate as well as real estate agents and mortgage brokers who provided me with guidance during my first home purchase, I realized that REI was the way to go to generate an additional source of income that would complement my 9 to 5.

My problem is as follows:

1. I don't have a clue where to start and don't have a clue what I'm doing. 

2. Once I figure out where to start and what to do ( i.e. what my first investment opportunity should be ), I have very little cash available to put down on a purchase since most of my savings went into the house I just bought.

I know I need to educate myself by reading through blogs, forums, podcasts and books (for the record, in 3 days I'm already 3 books in and more anxious than ever to get started). Although I understand financial literacy is crucial to success in this area, I also know time is a very valuable asset that should not be wasted. So when is the right time? And, to the ultimate question, what type of investment would be most suitable for my current situation?

I know there is no black and white answer here so any feedback from the community would be much appreciated. Thanks!!

Mike

Hey all,

Mike here from Tampa, FL. Just bought my first house and looking forward to purchasing an investment property in the not so distant future. Definitely a real estate newbie here and excited to learn lots from this site.