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Updated over 8 years ago on . Most recent reply

User Stats

6
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3
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Jennifer Burgess
  • Little Elm, TX
3
Votes |
6
Posts

What to do right now?

Jennifer Burgess
  • Little Elm, TX
Posted

Hi there,

I am writing seeking advice on what to do in this in between time and whether I should buy a primary residence first or a rental property first. 

My husband and I plan to get into buy and hold properties and eventually have enough properties to live off the cash flow from them (isn't that the dream for everyone?). We live in the Modesto area in California, we recently moved back from the Dallas area in TX. We have about 40k in savings (just sitting there not earning me anything!) from the sale of our home, and we are renting an apartment (ugh). The real estate market in our area is way inflated right now, and I have no desire to spend over $300k for house around here right now, and we are banking on the market dipping in the next 1-2 years, and we will buy something then. We have a family business where we should be able to save about $5,000 per month and that we will use for our investment properties. I was interested in the Phoenix market but the more I read on here I see that Indianapolis is making more sense right now numbers wise. So my question is what should I be doing Right Now? I hate that my cash is sitting there not earning me anything, but I was sort of thinking that maybe by next summer I can put about 50K into a buy and hold in the Indianapolis area, and then after that buy a primary residence here for us. I am betting on having to put down large down payments at least at first as we had to jump through so many hoops when we bought our house here as we were self employed, so I can only imagine what it will be like trying to purchase an investment property. Should I keep saving? Should I buy a house for us first, or should I look into buying a cheaper income property out of state? Any advice and input will be very much appreciated! Thank you in advance. 

Jenny

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