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Updated about 8 years ago,
Open to method and location. Newbie needs help!
I am a newbie to this and am looking to invest in real estate.
Initially I was going to buy out of state, but I think I've been sold (thanks to those who replied to my previous post) on buying somewhere I could drive to if I needed to visit the property. Currently live in Bay Area and open to where to invest. (Based on initial thoughts, area id look into are Sacramento, Modesto, Stockton. Thoughts?)
I am new to this game, and will be continuing my full time job.
My options are below. Thoughts? What is my biggest bang for my buck? Ideally I want to ramp up either option over a 1-2 year period so that I can earn $300k++ per year.
1) Buy and Flip. If I were to do this, I'm looking for an area to buy something $250k or less (ideally, but open to a bit more if it truly made sense). I would need to hire a GC to run the project as my involvement could only be weekends (in person) or nights (virtual).
2) Buy and rent. Open to this by purchasing 1 house to rent . If successful, my plan would be to buy one extra house per month. realistically, how much could I net profit per month per property?
Thanks so much!!!!