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Updated almost 3 years ago,
Selling primary home..want to start investing in rentals
Currently live downtown Columbus and have about $150k in equity in our house. We would like to move out to the country to get some land and a cheaper mortgage payment so we can invest in rentals. What advice do you have for doing this? Should we pay cash for a fixer upper in a smaller city- can buy a single family for around $90k, live in it while we fix it up and BRRRR, then buy our primary property? Or buy primary property first then find a BRRRR? Or, should we buy a multi-family or single family still in Columbus with the same idea?
We own zero rentals at this point. Brand newbie here. Have fixer upper experience with previous primary residences though. I will also be taking my real estate exam within the next week, so hopefully that will help as we start this journey. Thank you in advance!