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Updated over 6 years ago,
Where to start- Unusual financial situation
Hello everyone ,
First , I would like to say hello. I’ve only been a member for a few days but I am already learning so much.
I am new to Real Estate Investing and have no properties. ( Except a Class A motorhome, which is totally for sale if someone is interested)
A little background on me.
I currently work overseas on a 2 month out 1 month stateside rotation. This limits my options somewhat, but I am exploring long distance investing and team building. So I am not able to be physically presents most of the time. This is the downside.
The upside is that while working overseas my income is tax-free. For every 3 month cycle, after expenses, I am left with 17,000. I was paying things down but all my expenses are low interest 4 percent.
The problem I have run into. My company doesn’t provide a W-2 or 1099. I get a printed sheet that lists the numbers. I attempted to obtain normal financing and was unsuccessful. My questions are as follows.
1. What type of investing should I do? Rentals make the most sense but with HML being my only option I’m not sure if that’s a good idea. Flips are also difficult to do from out of state, although my brother in law was formerly an appraiser/inspector and is willing to be my “boots”. Or should I avoid the HML altogether and try to purchase cheaper properties with cash ? 10-30$ properties seem risky for long distance work.
2. Is HML a viable option for BRRR from out of country?
I would be interested in speaking with any other overseas contractors that may be in the same situation I am.
Thank you, I hope this is in the right place. Take Care
Jonathan