Where to Start with 75k Cash & 850 FICO score?

[Kim Kelly]

Hi all! New to REI here, so any input or feedback is very appreciated!

I currently have a 3.75% 30 fixed mortgage on my primary home, and looking to dive into my first investment property. I'm looking into multifamily (duplex & self landlording) in my local area to get started, but my tri-state area (CT/NY/NJ) has a high entry price point that I'm concerned with over leveraging myself and losing liquidity on my first deal. 

Since my main profession is office management for a residential remodeling company, would flipping to build up more capital be a better place to start? I would love to join in on any BP groups that do OOS deals (I have proven time management, attention to detail and paperwork organization skills in exchange for getting to learn alongside some REI masters).

Thanks for any suggestions!

[Samuel Diouf]

Hey Kim,

Columbus, Ohio is a great market to consider if you're leaning towards appreciation. Multiple, billion dollar companies are investing heavy in our area, such as Intel, Google, and Amazon. Which will bring plenty of other investors and general business to the area. I moved here from Florida after seeing the projected growth.

I would start with something either turnkey or light value-add, so you can start forming your boots on the ground team with less pressure and risk. Once you feel you've built a strong team with your first property and have solid systems in place, I would then start buying more aggressively and taking on bigger projects.

I suggest reading this BP article on the core 4.

https://www.biggerpockets.com/blog/core-four-real-estate-team