Updated over 8 years ago on . Most recent reply
Flip or Buy and Hold with 20K
I'm new to REI and would like find a mentor in this area. I am active duty military and currently stationed in Hawaii. It's expensive to buy properties in Hawaii and don't feel it is a place for me to invest, at least for now. As a novice investor, I would like to buy rental properties in El Paso or any other location in Texas and expand outward later. I have 20K saved and would like to invest it in a flip or buy and hold property. What do you recommend I do?
Most Popular Reply
What do you know about fixing houses? Know any contractors in El Paso? Have relatives in El Paso who could manage the flips for you? You say your goal is multiple homes for income streams, but will the homes even cash flow, have you ran the numbers? sounds like you will need a property manager to get started, know any in El Paso?
All questions you should consider.
or maybe, save every last cent that you can and when you get out of the military, move to El Paso and then begin your RE career, pay all cash for cheap properties, do the fixing yourself and manage them yourself = money maker!
just my 2 cents worth!!!