After spending literally whole day on BiggerPockets.com I came to two solid conclusions:
- Buy and hold may be a questionable strategy for me at this time because I do not have the cash reserves yet to put up for downpayments and all that good stuff, and the rental income alone may not be able to give me enough of a margin to save for the new downpayment
- To build the cash reserves, flipping properties seems to be the most common path, and the one I have most advice on. I will spend the first 2-3 years of my REI career becoming a good flipper that does not need a constant hand-holdng, and then start using some of that cash to hold some of the units I flipped through refinancing after the flip.
After reading Chad’s article on quitting the 9-5 and starting a 24/7, I think that I will use the next year to get my real estate license, find brokers who could use my skills, start connecting with people who will become my team mates, do “go alongs” with real estate agents, brokers, flippers.
I will use Chad’s plan and proceed with all his prep steps while my husband and I pay off our debt from credit cards, which will take 14-16 months in itself to happen. But at least now I have a very detailed plan from Chad, and whenever I have a plan, I can execute.
Today was meant to be. It was meant that I would find Chad’s article, and all the reading I have done for 9 hours before-hand allowed me to narrow down my choices to his suggested path.