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Updated over 4 years ago on . Most recent reply
Does it make sense to move temporarily in order to start out?
Hi Everyone, total newbie here. I currently live in Philadelphia. I just finished paying off 60k in student loans, over the past 3 year, and I am starting to look into real estate investing. I have only been able to build up cash for about 6 months now, I don't have a solid amount of money, so it doesn't feel like I can comfortably afford buying in Philadelphia (i currently rent here). I am contemplating moving to Wilmington, Delaware because that market looks to be a lot more affordable for me. I did live in wilmington for about 4 years (just moved to philly a year ago), so I am actually somewhat knowledgeable about the area. Maybe not from an investor standpoint (because I am new), but at least from a community standpoint.
I guess my question is:
Do I wait and keep saving until I can afford in philly or do I look in wilmington, where I would be able to buy something sooner, and move there temporarily?
note: I do have a lots of friends and family in northern Delaware, so I wouldn't mind living there, but I do prefer to live in philly.
Most Popular Reply
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It really just depends on what your goals are.
If you truly want to start this journey aggressively to hit some personal goals, then you’re going to have to do things that are inconvenient now to work for you long term.
But if you just want to do this passively and on a slower scale then there’s no problem in waiting for you’re not wanting to have this take over a big chunk of your life.