?Newbie from NYC area wanting to relocate

[Nicolas Vautier]

Hello,

After working 10+ years in corporate america, I find myself longing for another lifestyle. Real estate is fascinating to me. I have been lurking the forums for a while now and reading everything I can get my hands on. Also the BP podcast has been incredibly motivating. I have read the BP guides and found them very informative.

We are tired of the NYC area and looking to move to a nicer, warmer area. Phoenix and Las Vegas are two appealing options at the moment.

I've read about my options and it seems that rental properties fit my profile best. I like the idea of (somewhat) passive income and am in the field of business process design and process management with a background in IT and software development so confident I can build a scalable business. I wouldn't mind getting my hand dirty on some renovation projects but don't see myself flipping.

As for my current situation:

I currently own a 3br2ba condo in the area that is on the market. Once that is sold I will be ready to quit my job and relocate. Note that I could get a rental in a cheaper area close to work if need be.

I will have about 100k to invest, and if partnering up with a friend of mine with similar motivations and resources, we could get that to around 200k. I could probably also raise money from a network of wealthy friends and family to bump that up further. I understand that's a whole other world than solo investing.

My question is, if I move to say Las Vegas and start purchasing units (Either single-familes, multi-familes or apt buildings - Strategy yet TBD), can I sustain my family with that kind of initial investment? I would probably be able to initially get a remote job (=somewhat flexible time) that would pay the bills.

I am thinking of putting down enough on each unit to generate the cash-flow to generously cover expenses, and roll that cash-flow into expending the business.

As far as I am looking at it the maths and my spreadsheets check out but as the title of this post says, I'm a newbie and would appreciate feedback.

Oh, if you are an experienced real estate investor in those areas I mentioned, and can't seem to figure out how to stay organize, scale and automate your business, drop me a line I can probably help.

Thanks!

Nico

[Darren Sager]

Hey @Nicolas Vautier I would give Phoenix and Vegas second thought due to all the long term water issues they're having there.  They may be warmer that NYC overall however they're going to have to find some other sources of water.   Lake Meade is dropping faster than a French heavyweight prizefighter.  Look up all the news on it just in the last week.   Consider Florida as it won't be underwater from all the Greenland ice melt while we're still alive.    Just my two cents.