Updated about 6 years ago on . Most recent reply
Want to relocate for real estate
Total newbie here. Sorry if this has been asked before. I did a search and all the discussions were a couple years old.
I currently live in LA and want to move. Overall burned out on the city but a big reason for that is the cost of entry to invest in real estate. I'd like to move somewhere with a lower cost of living, ideally where I can house hack and start investing in rental properties and build wealth. I'm really open about the idea of moving and not terribly picky on where.
Here's my big question - should I be looking to relocate to a market that I already know is red hot (Colorado, Texas, etc) or does that just make the whole process more challenging due to increased price/competition? Should I be looking for up and coming markets inatead? Or does that just rob me of potential revenue from the higher demand?
Also I've been told that I should visit the places I'm considering moving to see if I like it there, but honestly I'd rather save that money and use it for a down payment. Am I being really stupid by not actually putting boots on the ground first?
Would appreciate any and all advice on this! Thank you!
Most Popular Reply
@Spike Scarberry I’m with @Dawn Brenengen on this. While it is true that a savvy investor can make any market work in their favor, a new investor in an unfamiliar territory will have a longer learning curve.
If your job is transferable or mobile, great! You will be able to keep your current income stream while learning the new locale. Many on these forums have recommended not quiting the 9-to-5 until the REI income matches or, better yet, doubles the income from the day job.