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Updated almost 19 years ago,
Investing with around 25-30k
I am looking to invest around 25-30k hard cash into something thats either flipable or long term. Now since the market here in LA, CA is through the roof and impossible to provide any positive cash flow, I decided to look elsewhere in the country. I am either thinking of buying distressed HUD 2-3 units home and rehabbing it, or purchasing a 2-3 units near a well known University and collect rent. Which is a better option for a out of state investor such as myself??? Any advice or input greatly appreciated, since I am a newbie that never even own a home.
My goal is to creat positive cash flow, and hopefully owning at least 5-15 properties in the next 5 years, be able to quit my full time job to spend more time with my family and be in this rewarding hobby call REI.
BTW the cities I been looking at are:
Buffalo, NY - But probably wont do it after I talked to a few people that still have families there
Ithaca, NY - I am leaning forward to this but worries about an exit stragtegy if something was to go wrong since the last year I think only 135 homes were sold.
Ohio - not sure where yet.
John