Updated about 8 years ago on . Most recent reply
Analysis Paralysis - Can you relate?
Looking for anyone who can relate to the following:
I'm in an expensive local market (lot of capital needed for starting up), which is also ranked as one of the worst states in the country on number of metrics. Yes, poor little Rhode Island. Of which, I have little faith in it's future. However, I'm looking for an active investment strategy that ISN'T necessarily locally dependent.
So far I've listened to podcasts 1-80ish and read the blogs daily, yet am still lost. I jump from flipping vacant land (@Seth Williams), to tax liens (@Ankit Duggal), to mobile homes (@John Fredo) and everything in between that isn't too local-market dependent. And I just can't make up my mind!
In a perfect world, I'd move to a state that would allow me to do some BRRRR's, as the strategy is interesting and fits my personality and skill set. However, my local market doesn't really support that strategy without significant capital, and even then I don't have much faith in the state to begin with. Problem is, I can't move due to family, so I'm stuck here.
Most would just simply suggest house hacking (hard with a 6-month old) or turnkey. But I think turnkey is too hands off for me with marginal returns.
I'm sure there are others who have been in a similar situation before, and I'm interested in hearing what approach you took. I'm sure there's a simple solution right in front of me, but with all this researching I can't see the forest for the trees.
Happy for any and all input!
Dan