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Updated about 1 year ago on . Most recent reply

User Stats

39
Posts
32
Votes
Isaiah Cuellar
  • Investor
  • Columbus, OH
32
Votes |
39
Posts

$55,000/yr to invest, what’s the best route?

Isaiah Cuellar
  • Investor
  • Columbus, OH
Posted

I'm 21, and after taxes and all expenses I have $55,000/ year I'm able to invest. I work everyday in different states and am home one week out of every 2 months. My goal now is to get a multifamily property no more than $250,000 and put 20%-30% down, get a property manager, and put an extra $4-$5k per month into the principal to pay off the mortgage in less than 3 years, but I don't know what state to invest in, I know Ohio is being looked at but I wouldn't have to time to see multiple properties in person and I'm not sure how to verify the operating expenses of different properties, required repairs, etc. I live in El Paso, Texas but there's not much potential for my goals here, what should I do? My end goal is to figure what property would get me the best ROI when the property is paid off after 3 years, but with the spreadsheets and calculators I've used I have no clue how to figure this out, and the agents and lenders I've spoken to don't know either.

Most Popular Reply

User Stats

5,547
Posts
6,520
Votes
Remington Lyman
  • Real Estate Agent
  • Columbus, OH
6,520
Votes |
5,547
Posts
Remington Lyman
  • Real Estate Agent
  • Columbus, OH
Replied
Quote from @Isaiah Cuellar:

I'm 21, and after taxes and all expenses I have $55,000/ year I'm able to invest. I work everyday in different states and am home one week out of every 2 months. My goal now is to get a multifamily property no more than $250,000 and put 20%-30% down, get a property manager, and put an extra $4-$5k per month into the principal to pay off the mortgage in less than 3 years, but I don't know what state to invest in, I know Ohio is being looked at but I wouldn't have to time to see multiple properties in person and I'm not sure how to verify the operating expenses of different properties, required repairs, etc. I live in El Paso, Texas but there's not much potential for my goals here, what should I do? My end goal is to figure what property would get me the best ROI when the property is paid off after 3 years, but with the spreadsheets and calculators I've used I have no clue how to figure this out, and the agents and lenders I've spoken to don't know either.


 I would house hack a 2-4 unit locally. After that you will have more experience to confidently invest in an OOS market like Ohio

  • Remington Lyman
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Reafco
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