Contrary to what all the “Real Estate Investor seminar” companies that roll into town from out of state to teach people how they can get rich investing in real estate, I don’t believe fix and flip is the best strategy for a beginner real estate investor to start.
I often go to these free ( real estate investing seminar coming to town)sales pitches because I find it entertaining for me to hear these self proclaimed market experts on our real estate market (them coming from a different state) and it gives me a better understanding what people who want to become real estate investors are being told.
Yes much of what they teach is true and valuable information, and yes wholesaling and fix and flip should return your investment in a much shorter time frame than a buy and hold strategy, but Real Estate is local, local conditions ( the market may be different on one side of the street than the other), local laws, state laws are different etc…
Until you have a professional team assembled, I think you might want to keep your day job, maybe rollover your money from your IRA into a self-directed IRA to use to invest in real estate with, preferably real estate investments that don’t require much in repairs, at least until you have a good contractor on your team, ( oh you are good with a hammer and plan to do it yourself, didn’t they mention at the real estate investor seminar that, in Arizona, if the repair costs, you know, labor and material cost were over $1000 and you sell or rent out the home within 12 months, that all the work must be completed by licensed contractors in AZ) that you can trust and are confident will not go over budget eating into your potential profits.
Find Real Estate Investment Properties.
This information is for informational purpose and not intended to be investment advise, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax advisor to obtain further information you deem necessary. I want you to be prepared.