Small Family, Big World

[Erin Dixon]

Sawatdii-kha (Hello)!!

We're a couple of young parents with three small boys and one full-time job. We've saved up a bit and have decided to explore the massive world of REI. We currently live in Thailand, but when we're not abroad we live in the No. VA area of the U.S.

We like the idea of buy and hold, and turnkey for now (hard to fix a property from here). We're (hoping to) start out with three properties this year, a SFR in Vegas, one in Fort Worth, and a 2-unit in Chicago.

We go between feelings of excitement and panic, but the kids have kind of gotten us used to that, and the wealth of info on BP helps with the nerves.

I like saving money, travel hacking, and DIY. We're interested in REI because we're interested in cash flow, not necessarily for now, but more for later, as it's looking like we'll be the only ones in a position to take care of our parents, and our kids, and ourselves. We'd just like to be able to do all three and have a little fun at the same time.

We're really glad to have found your community, especially because I have a million questions, and am very indecisive, and feel like I have to research everything to death before I can make a decision. So thank you all for making the process easier for me.

[Greg Meech]

People have made a lot of money doing what your considering, but many more have lost more money. Real estate is local in nature and you have to be pretty good at what you do to be successful buying properties around the country. Maybe try one first and see how that goes.

Or take on less risk and invest your money in -out of state real estate as the bank. You collect the loan payment (like rent), but take on much, much less risk as your money is tied to real property with a first lien. Tenant, taxes, vacancies, evictions, managment companies, insurance increase, all not your problem. You get paid or you get a property worth more than you paid for it. Of course you could make less money by not owning the property but being out of state can be difficult. This is a less risky way to be in real estate and it doesn't matter if your local. I wouldn't want to be an out of state landlord.

I have 9 properties in Texas (where I live) and one in FL. Wish I could get rid of my property in FL but I owe too much even though it is cash flowing. But it's a pain to deal with. Think I would sell all my Texas properties if I moved.