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Updated about 7 years ago,
First Timer, Need Guidance!
Hey BiggerPockets!
I just joined this month but have been considering the leap into real estate for some time now and have been reading as much as I can! I am looking for a little guidance. Here goes:
I am trying to decide on if I should buy a primary home first or a rental. I currently live in Miami (for the next 3 years) and it's tough to find good deals doing the BRRRR in my opinion for this market. I am from Indianapolis and have been looking for properties in that area. Currently renting in Miami though and paying about 2500/month in rent and it seems a little silly to be renting.
Some financials about me that make it a little weird. I am very liquid but I am a professional poker player which makes getting a loan tricky since they consider me 100% commission based. If I buy rentals with cash would I have any any trouble refinancing?
What would you do? Find a primary home first? Start looking for cheap rentals in Indy? Find rentals in Miami? Should I consider different deals in Miami? Am I not looking in the right spots? Is long distance investing tougher than I can imagine?
Any guidance would be great. Thanks for reading!