New Member from Delaware

[Kristin Caras]

Hello everyone! My name is Kristin and I currently work in Wilmington, DE as a project engineer in the construction field. 

Like a lot of you, I read Rich Dad, Poor Dad which really changed my viewpoint on my career. I can admit that I held onto the "poor dad" mentality until after finishing this book.  I am a recent college graduate with a degree in mechanical engineering, largely influenced by the idea that the only way to make a living is to secure a degree and land a job with a good income.  Reading Rich Dad, Poor Dad was so eye-opening, my entire perspective changed. 

Now that I have been working for awhile, I can see the huge benefits of creating wealth and achieving financial independence, rather than always striving for the next raise at my 9-5 job. I was recommended to check out BiggerPockets by my boyfriend who has been a BP fan for some time now. I've been listening to the podcasts and doing research in the background, but figured it was time to jump on the forums and introduce myself to the community. 

I would love to hear from local investors in Delaware on where they've had success investing and any advice you may have. Delaware is great as it is so close to big cities, like Philadelphia, and the beaches, but one of my stumbling blocks is still wondering where a first time investor would be best starting out with rental properties. I also am interested in group homes, as I have two special needs siblings that will eventually need this type of care, and would love to hear from anyone who has any experience in this type of field as well. 

[Rich O'Neill]

Hi @Kristin Caras, @James Masotti is spot on with the house hacking. That would be a great way to get started. I started out with a house hack. When I graduated I was living with my parents and bought a house that I intended to live in one day, but started out renting it. I rented it for 2 years and then moved in with my wife. Not the normal sense of the phrase but it still worked out very well. Since then I quit my job and went full bore into RE investing. 

As far as areas, it would be nice to know what part of DE you are in. When I started out one of the areas I did a lot of research on was Claymont. Prices were often under $100,000, rents were around $900, and taxes were low. This has probably changed since I was looking but it is worth looking into. I know of some people who do very well with rentals in Wilmington, but my understanding is that they are more of a C area. I am currently in Delaware County PA (Near PHL Airport) and find some great returns. 

My mentor told me when I was starting that there is always an area within a 1 hour drive that works, maybe with the exception of the Midwest. He also said once you pick an area, try to always drive in the same direction. For example, if you live in Wilmington and pick Claymont, don't get shiney object syndrome and buy something in Dover. You will drive yourself nuts trying to manage your drive time. It also helps you become an expert on one area. 

I hope this is helpful! If you give us some specifics like where you currently live, what your budget is, what kind of tenant you are looking for, etc, I am sure some of the folks on here can help point you in the right direction.