Taking a big leap with real estate investing

[Estevan Duran]

Hi guys,

I currently live in NYC and looking to move away from here in order to build wealth elsewhere through real estate. I am looking to move to a specific state/city and house hack my first property. Then, invest in that market and purchase other properties as buy/hold strategy (cash flow). I hope to be making $5,000 per month within a few years through real estate, so I would like to a market that has great cash flow, strong economy, is livable, and is fun place to be in!

Also, I have Master's degree, so I am willing to take any decent job while I do this or become realtor in that city.

Question

1. What are your thoughts on this strategy and does anyone have experience trying this?

2. Any hot markets you would strongly recommend for cash flow and that is livable for myself that I can invest in and also attain a job ?

3. I was looking at these states North carolina, Florida, Georgia, Tennessee, Texas, Arizona, Indiana, Colorado, Ohio, and Idaho.

Any advice would be appreciated!

[Mikael Winkler]

@Estevan Duran

I have to agree with @Remington Lyman and @Zeke Liston. I'm in Columbus too, and started my career by house hacking a duplex in Merion Village - South Columbus. I did direct marketing through cold calling and was able to buy a property at about 70k and basically brought 3.5k down, with an FHA loan. It's been a phenomenal investment. Did you say you will be using a VA loan? That's even better.

Columbus, as a city, is great, as well. Diversified economy with insurance, tech, apparel, e-comm distribution all having a strong presence. Not to mention tons of successful small businesses in industries like the arts and entertainment. Plus one of the top 2-3 largest universities in America, driving amazing medical research. I am certainly biased on Columbus - born and raised here haha. 

I would say continue to do research to find the market that fits your professional and real estate goals, as well as, a place you actually want to live! If you do choose Columbus, I don't think you'll regret it. Good luck!