New Years Resolution

[Tony Han]

First, Happy New Year everyone! After listening to numerous podcasts, reading books, I’ve decided I need to end my analysis paralysis. No more excuses, 2017 will be the year I finally take action and jump into real estate.

My goals is to own 4 units by the end of the year. My question to you is what actions would you take to begin this journey? I'm planning to attend more REI meetups where I'm looking to add value to an experience investor and who could become a mentor. I currently have $70K in capital to invest, with a credit score of 790+, and received a $425K pre-qualification loan a few months ago. I owe $4,500 in a student loan that has an interest of 2.650% that I could pay off immediately however I'm leveraging this small APR. If I knocked this off I would be approved for a bit more with the lower debt-to-income ratio but is it worth it? I've looked at a number of cities in LA to invest in but right now I feel I would be buying at nearly the peak of the market and out priced in areas that I would like to so I've been more open to investing out of state. My girlfriend went to school in Albany and we briefly looked into properties there since she's familiar with the area but after some research (albeit short) the economy doesn't look very strong to make it a strong candidate. I'm looking for a du-, tri-, or quadplex where a commercial loan isn't required, that's below market value, may need minor repairs, cash flows a minimum of $100 per door, and has a chance of appreciation. I looked at areas near Philadelphia where it seems to be happening and I could meet my requirements but for a newbie, is out of state without a strong team to help being foolish? What would you recommend doing? Thanks for taking the time to read this post and for any feedback!

Best regards,