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Updated almost 2 years ago on . Most recent reply

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Alden Fernandes
7
Votes |
4
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Newbie Investor looking for Guidance

Alden Fernandes
Posted

Hi Guys,


New Investor here looking for some guidance. My family and I recently moved to Southern California from New Jersey. We sold our home in NJ, and decided to rent here in SoCal. We have a good amount of liquadable assets that we would like to start investing into RE with, as we don't plan on buying our primary home in the near future. We also both work full time jobs, with zero debt.

Because property prices are so high here in California, I am leaning towards investing in out of state rentals. 

I am a total newbie, so I am looking for some advice and direction. Please let me know if I am going on the right path.

I have read a few posts on this forum, and have place holds on the following books at my library to get started:

Short Term Rental - Avery Carl

Long Distance Real estate investing - David Greene

I also found a meetup close by, that I will start attending with my wife.

Please let me know if there are any other books or resources that I should be checking out as we start our Journey.

Thank you in advance, and appreciate this community.

Most Popular Reply

User Stats

161
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217
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Najma Osman
  • Real Estate Agent
  • Columbus, OH
217
Votes |
161
Posts
Najma Osman
  • Real Estate Agent
  • Columbus, OH
Replied

Hey @Alden Fernandes

The easiest way to get into RE investing is to house hack, however, I understand that is not an option for everyone's situation. I would recommend deciding what you want to invest in first.
Are you looking into single family or multi-family. Do you plan to rent it out as a STR/MTR or LTR?

Once you know what your plan is, figure out where you're investing. If the numbers do not work where you live, look at investing in other markets. A good place to start would be markets in the Midwest with lots of population growth and job opportunities. Either way when considering OOS investing, look for markets with strong economic fundamentals, such as job growth, population growth, and low unemployment rates. This can help ensure that there is a demand for rental properties in the area. I personally invest in Columbus, Ohio.

When you have your market, connect with a local investor-friendly real estate agent. It's important to work with a trusted agent who has experience in the local market. They can provide valuable insights about the property, its condition, and the local rental market. From there you find a good investment and go for it! 

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