Newbie Out of State Real-Estate investing

[Josiah Hrusch]

Hello, I am a traveling  RN who has decided he wants to be financial free and refuses to let the man take care of him or his family. I want to look after my own interests and want to start in real-estate investing. I make decent money and have enough to get started. I was going to wait a year and educate myself on this new way of increasing passive income. I also want to wait and see if the market crashes. So a few questions.

Should I sell my primary residential house? I took a loan out on it last year and currently renting it out to my sister and my GF for a negative cashflow. 

Should I take out more loans and buy my first duplex  and start right away in Ohio? 

My friend who lives in Delaware is wanting to create an LLC and start buying and BRRRing foreclosures in the Delaware area, our goal is to save up enough cash and be able to buy without pulling out a loan any precautions or advise?

Any advice would be wonderful, Thank you and best regards Josiah Hrusch.

[Steven Foster Wilson]

Originally posted by @Josiah Hrusch:

Hello, I am a traveling  RN who has decided he wants to be financial free and refuses to let the man take care of him or his family. I want to look after my own interests and want to start in real-estate investing. I make decent money and have enough to get started. I was going to wait a year and educate myself on this new way of increasing passive income. I also want to wait and see if the market crashes. So a few questions.

Should I sell my primary residential house? I took a loan out on it last year and currently renting it out to my sister and my GF for a negative cashflow. 

Should I take out more loans and buy my first duplex  and start right away in Ohio? 

My friend who lives in Delaware is wanting to create an LLC and start buying and BRRRing foreclosures in the Delaware area, our goal is to save up enough cash and be able to buy without pulling out a loan any precautions or advise?

Any advice would be wonderful, Thank you and best regards Josiah Hrusch.

Josiah, if you haven’t already, I highly recommend listening to the BP podcast, start at #1 and just consume them all. I guarantee you’ll have bought multiple investments before you can get to the end.

As for you personal residence, is there a way to make it cashflow? If not consider selling and 1031 exchanging it into a 2-4 unit where you can house hack (giving you a low Down payment and cash flow).

I recommend you come to Columbus Oh, not only do we have some excellent hospitals, but we also having a booming economy, appreciating real estate, and excellent rental deals.

I have had friends who wait to buy until the have enough cash saved up, sadly they never end up investing. Leverage is a good tool if used  correctly and one that I think should not be quickly pushed aside (especially with today’s rates)