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Updated over 1 year ago on . Most recent reply
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What is the best way for me to start in real estate investing?
I have about 100k in savings. I currently live in Austin, TX, but I may move to Florida in one year.
Ideally, I would like to have 10% cash flow on each property and the potential for long-term appreciation.
A real estate investor in a video I watched recommended to buy the first house with an FHA loan, and then use the home equity to take out a loan on another house after two years, and then repeat the process over and over. Do you think this is a good method?
Should I seek to invest in Texas, Florida, or should I invest somewhere far away?
What would you recommend for me to get started?
Most Popular Reply
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Whoa, yah what @Nick Elder along with many others said seems right on to me: you got to house hack, and for me,preferably if your starting out, if you can get ahold of a 4 plex owner occupied, low income/low downpayment loan and house hackit! But the best bit: live/hack where you live/know but MOSTLY: take a year and find the property manager asap; that has always been my weak link. I've been investing in great cash flow areas, often far from where I live, but have had to work so hard because of lousy pm's, and eventually have to sell and move to another market. I no longer look anywhere until I've found the best pm possible. And have even thought I had a great pm only to be disgusted by incompetence/greed etc etc etc. I know they are out there, the good ones, because I had one once, and I was one once,but man you got to look hard. good luck!