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Investing in rental properties
My wife and are just exploring North and South Carolina. We really have no idea where to start but have about 50k in liquid savings and investments. What should should our first steps be?
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Start by clarifying your investment objectives. Are you looking for rental properties, fix-and-flip opportunities, or long-term appreciation? Consider factors such as desired return on investment, risk tolerance, and investment timeline.
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Starting off, it's crucial to pinpoint your investment objectives. Are you aiming for consistent cash flow, or are you more interested in the property's appreciation over time? Consider how involved you want to be in the management of the property. Are you looking for a turnkey property that's ready to rent out immediately, or are you interested in a property that needs work, where you can add value and potentially utilize the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) method?
The type of property you choose—whether it's a project you can rehab or a ready-to-move-in option—will also influence the type of financing you'll need. Another important consideration is whether you plan to manage the rental yourself or hire a property manager to handle tenant issues and maintenance.
I recommend starting by answering these questions. A common strategy among some of my investors is to acquire at least one rental property per year. This approach can be a good fit if you're not keen on day-to-day tenant and property management tasks.
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Quote from @Friedrich Ishola:
My wife and are just exploring North and South Carolina. We really have no idea where to start but have about 50k in liquid savings and investments. What should should our first steps be?
Friedrich, I'd recommend starting with high level strategy and work your way down to granular tactical action steps which will help you identify where to focus time, energy, and resources.
On a more tactical note, with $50,000 it will likely be very hard to find deals that cashflow in bigger metro markets like Charlotte, Raleigh, or Charleston. I'd recommend looking for markets where that $50,000 could help you do a quick flip to generate more investable capital where you can then get into some buy and hold deals.
I'm currently working on deals in several markets where this is feasible that are in the path of growth for Charlotte and the Triad areas. Let me know if you'd like to discuss further. We can set up a call.
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I'd love to chat when you have availability. What's your schedule like Friday?
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Where do you live? Are you open to house hacking?
If you are planning on buying and holding, lenders tend to like you putting 20%-30% down. With $50K, that would be a purchase price of about $250,000 not including closing costs and repairs. That could be a good starting point as to where to buy.
Quote from @Friedrich Ishola:
I'd love to chat when you have availability. What's your schedule like Friday?
Morning is better for me as I am on the road in the afternoon. DM me your email/phone number and we can set something up!
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Hi Friedrich,
As was mentioned a few times, defining your investment objectives is crucial so I'll add educating yourself on those objectives as well. If you can, attend some local REI meetings. Network with other individuals there and I'm sure you'll gain valuable information from them. BP is a great place to start however I feel in person gets you further. If I can be of any assistance please let me know.
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Erick,
I appreciate the advice. I'd love to make it to REI meetings, but my schedule won't allow. I'm not familiar with BP. Can you shine some light on that?