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Updated over 13 years ago on . Most recent reply

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7
Posts
1
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Dave J.
  • Bellevue, WA
1
Votes |
7
Posts

Help with strategy starting out - my background

Dave J.
  • Bellevue, WA
Posted

I'm new, think I get the basic financial fundamentals of buy and hold, which I think is what I'm interested in.

Alternately, I'm open to anything that might work.

I live in Seattle. I'm 35 years old. I make about 130k salary. I currently rent a condo, and have about 300k in cash savings to get started with. I need a good strategy.

I think buy and hold is out of the question here. I could invest out of state, but am green to how much work that would be to get moving, and the steps I need to take. I could move anywhere, work, and get a simliar salary. Even places where it's cheaper to live like Vegas, or AZ. I don't want to manage properties, but I would be fine learning to manage property managers. I don't have a target retirement age. I'll probably work until I'm dead. I do want to create enough wealth to bring in about 50-100k yearly when I'm done with it all. I don't want to be rich. I just want to be able to pay the bills if I can't work, and help family.

So single, and multi-family does not look terribly difficult to get into and learn, but what about self storage? I have enough money to get a downpayment on a smaller lot, or maybe a small apt building in a lower cost of living area. I know there have been a lot of self storage lots going for cheap around the Boise Idaho area. Also low property taxes there.

If I don't drop my savings on a downpayment, am I best off leveraging as much as humanly possile on smaller purchases to get started?

Can any of you successful veterans give me a breakdown on what you would do if you were me? It would be much appreciated.

Most Popular Reply

User Stats

34
Posts
8
Votes
Mitch Sheean
  • Real Estate Investor
  • Olympia, WA
8
Votes |
34
Posts
Mitch Sheean
  • Real Estate Investor
  • Olympia, WA
Replied

And I would highly recommend investing locally and NOT out of state.

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