Start Investing in Iowa or Wait until Move to Dallas in a Year

[Victoria Lilly]

Hello my name is Victoria. I've been reading/listening/learning on BiggerPockets for a while but finally got to register to become a member and join the big family!

So here's the short story about myself: I bought my first property near Orlando, FL area when I was back in college and house hacked it during my 4 years of college. After graduation I got a full time job in Cedar Rapids, IA and moved here to Marion, IA a year ago. Since then we've been renting out the FL property. The rental income started my wonder about RE investing and luckily I came across BiggerPockets!

Now I'd be thrilled to learn about deals and rentals in Cedar Rapids/Iowa City area. Please feel free to message me if you have any experience to share :)

Now here comes the question:

Husband's career made it clear that in a year or two we'll have to move again. We have 3 choices: Dallas TX, Miami FL, or Los Angeles CA. Hubby and I lean towards Dallas, TX not only because we love the vibe of TX but also the real estate market there. (Btw what do you guys think about these 3 cities?) My question now is: Should I wait until moving to the new city to start investing? Or say heck no I'm gonna start with where I am now? Also I'd want to get my real estate license eventually. Should I wait to get the new state's license? Or is it worth it to get the Iowa license just for a year or two? Or should I even jump to start getting my license/investing in Dallas? My gut feeling tells me I should't wait but still have concerns. If you can share some of your experiences or opinions with me that'll help us a lot!

[Allan Bishop Jr.]

Welcome to BP @Victoria Lilly!

Three Cities - My vote would be Texas hands down. If you’re looking to invest where you live CA is not investor friendly. Florida is nice; I’ve lived up in north part of the state and recently visited the west coast part. I’ve lived in Texas several times and I’m semi-familiar with DFW. That area is growing and I agree it has a great vibe.

Investing now or later - If there is no other factor to consider other than where you live then why wait? Also keep in mind, as you’ve probably heard on podcasts, don’t limit yourself to investing where you live. Invest where the deal is.

Real estate license - Depending on your reasoning for getting one it's not necessary for investing. I'm a former Realtor from Texas. If you become a Realtor (joining the associations versus just being a licensed agent) then expect to pay probably close to $1,000 per year just in membership fees. Access to MLS - more fees. You'll just need to figure out if the juice is worth the squeeze. If you push forward I'd recommend taking the required courses online before moving to the state. You'll have to test in state but otherwise you should be able to do the rest while in Iowa. Each state has their own licensing requirements and and not all states have reciprocal agreements. You can't just transfer a license from one state to another in other words.

Good luck with your decision!