New Investor from a very secluded area

[Jason G Goepper]

Hello!

I am looking into getting started in the Real Estate Investing game, more specifically House Hacking. I have done quite an extensive amount of research (Although I definitely have aways to go) and I am moving closer and closer towards finding a property. The issue is I live in a very secluded area. To put it into perspective, the closest major cities (and airports) are at least a 2 1/2-hour drive. I have a very secure W-2 job that allows for a 4-day work week in the summer, but anywhere between a 70-to-90-hour work week during the winter. Unless a golden opportunity arises, I do not plan on purchasing until the spring of 2023.  The area in which I live is rapidly growing but short-term rentals outweigh long-term 99-1. There are very few properties left and those that remain are vastly overpriced. I would love to connect with someone with more experience to talk about things more thoroughly. Thanks for the help! any questions/comments are greatly appreciated!

[Andrew Garcia]

Hi @Jason G Goepper, I would be happy to answer any questions that you have. 

Off the bat, I see an opportunity for you. You could rent out the other rooms in a single-family rather than buying a multi-family and renting it out by the unit. This usually increases cashflow and might even make you positive. It sounds like the cost of living is fairly high there with the high purchase prices so renting by the room could be a viable option for you.

Hope this helps! Let me know if I can be of any assistance.