Looking to start my Real Estate Investing journey while being Self-Employed

[Lokahi Paikuli-Stride]

Hi everyone! I’ve been listening to the BiggerPockets podcast for a couple of years, and I’m looking to enter the world of Real Estate investing. My wife and I are self-employed, so we are limited in our options. We want to buy our first property next year, but are unsure whether to buy a home to live in and have the freedom of not living with family, or continue living with family and buy our first property as an investment property.

We currently live in Hawaii, but are looking at Utah for our first property. We make enough to live comfortably on our income from our business, so if we were lucky enough to cash flow, it’ll go right back into the property.

I’m looking for a mentor to learn more about our situation, and help guide me. I’m very excited to learn and look forward to seeing my progress in 10 years.

[Jonathan Greene]

It's really up to you and the market. Utah is a very hot market so you have to assess potential house hacking where you are in one unit and renting another versus renting a place and buying a multifamily to earn income. However, you would have to use cash or a DSCR loan and the metrics of that with the current rates in Utah won't bring too much cash flow. If you are interested in Utah, reach out to @Alyssa Holbrook - she lives there and invests there.