Looking for help in Portland OR

[Joshua D Velazquez]

Hello everyone my name is Josh and I'm looking to get into real estate full time! I just put in my 2 weeks notice so January 25th will be my last day and I have $20,000 saved up from the 9-5 job, so now I feel ready to buy my 1st investment property. A little more about me, I'm a single 29 year old guy living in Salem Oregon looking and willing to move anywhere around the country to buy a great deal. I want to start a family in the next 5 to 10 years but before I begin building a family I want to build a real estate business. I've been listening to the bigger pockets podcast for years on my commutes, so I'm hyped and ready to jump in but still a little nervous and unsure where to even begin. I've lived in Salem Orgeon practically my whole life and the best properties here seem a little out of my budget. The reason why I feel the need to move is because I want to find a more affordable market that will give me great cashflow. Which market should I consider moving too? Any wise advice would be much appreciated from a young guy looking to start my wealth building journey. Thanks for taking the time to read this, and thanks a million for any advice you might have for me. God bless and many many thanks in advanced!🙏🏼

[Tsipora Smith]

Have you considered investing long distance? With all the technology available now there's no need to move to a location that cash flows better, just invest from afar.

[Liwen Gu]

Hi Josh, I live in Salem OR as well :) You say that you want to get into real estate full time, what are you planning on doing to generate regular income? How will you be able to qualify for a loan to buy your first investment property? 

[Joaquin Johnson]

Hi Joshua, if you are considering looking up in Portland let us know and we would be happy to help! 

[Zac Lindquist]

Hey Josh,

I'm a investor/realtor from Portland and am literally going through the OOS investing process right now for the first time in AZ. 

There's defiantly markets in the country you could use your savings towards without having to move. I read the book Long Distance Real Estate Investing by David Greene and built my team using the BP forums.

I recommend solidifying exactly what you are seeking from your investment and find a market that has what you want. From there, build a team in that market using people from BP that are like-minded thinkers. Use reviews to make sure they are credible and interview multiple options.

Let me know if you have questions!

[Joshua D Velazquez]

@Tsipora Smith

I have considered it for sure. I definitely want to get into it eventually, but I just don't feel comfortable or knowledgeable enough to go all the way in that direction just yet. Is it even possible to buy your 1st rental property from afar? Wouldn't it be safer to buy your 1st one nearby or am I missing something?

Thanks again for taking the time to reply!

Much appreciated🙏🏼

[Joshua D Velazquez]

@Liwen Gu

I guess I haven't thought it all the way through😅 But I was thinking of going all in on wholesaling/flipping, so I can get as much capital as I can because I really want to get into commercial real estate asap

[Joshua D Velazquez]

@Joaquin Johnson

Thank you I'll keep in touch🙏🏼

[Joshua D Velazquez]

@Zac Lindquist

Awesome advice! Thank you so much! I'll buy and read that book right now!

[Tsipora Smith]

@joshua 

@Joshua D Velazquez I would say long distance investing being less safe depends on what you think you could do differently if you were close to the property. You would still need to screen contractors, property managers/tenants all the same. Either way you'll need a strong team who you are depending on. I think proximity just appeases people's minds but it isn't truly safer. As long as you learn the market you're investing in and have  strong team with checks and balances, it's all the same.  

[Trevor Emmett]

I strongly suggest you pick a market that is not only hitting all your numbers, but also a market that you want to live in!  If there is nothing holding you down in Salem and you feel the call for adventure, I say go for it!  Also, be smart about it.  You will need to get a job in a related field that you are currently in so you can qualify for a loan.  If you hate that idea then consider becoming a real estate agent, inspector, contractor, electrician or anything related to the housing market.  Flipping is great, but very capital intensive and I would not feel comfortable doing that with 20k and no other source of income. Also, if you are thinking of wholesaling I recommend giving it a try before you leave your job.  Door knocking, cold calls, and all lead generation takes time and hard work.  Do not expect a check for at least 90days, if you are so lucky.                                                                                                                                                Also, if you find a cash flowing market with low prices and high rents, I would strongly recommend asking yourself what is going on in that market.  Say it is a small town that is largely reliant on one business and that business is faltering. You may be able to cash flow at the start, but that is not guaranteed forever.  You will want a market with a diversified economy and a place you want to live!!!                                                                                                                                                                                        Pack light, work hard, be kind and you will find your way.