Hey @Dorian Broadus,
Congrats on the milestone of turning 22 and having such ambitious plans! Your focus on real estate investing while pursuing your degree is impressive. Let's break down your questions:
Moving Across States: It can be a strategic move if it aligns with your investment goals. Research areas with good market potential, growth prospects, and properties within your budget. Sometimes, the best deals might be in another state, but ensure you understand the market well before making such a significant move. The beauty of house hacking is that you can live anywhere in the world and make it work. I wouldn't suggest moving to a new state just because you find a "good deal" there. You want to make sure that you will be happy where ever you decide to make that first investment.
Analyzing Deals: To analyze deals efficiently, take some time on BP here and YouTube to learn the basics. Take some time to learn the key metrics and terminology such as cap rate, cash-on-cash return, and potential for appreciation. Dive into the area's economic trends, job market, population growth, and development plans. Understanding the neighborhood's potential for growth and stability is crucial.
Next Steps: Wholesaling can be a great learning experience and a way to generate some capital. It allows you to understand market dynamics, network with sellers and buyers, and learn negotiation skills. However, it is not as easy as the online gurus make it seem. Being successful in wholesaling is time-consuming and can be expensive, so finding a balance with your studies and personal training work will be important.
Here's a suggested roadmap:
Educate Yourself: Dive deep into real estate investment literature, attend seminars, and network with experienced investors.
Narrow Down Your Criteria: Define your investment criteria clearly. Determine your budget, the type of property you want, and the location that aligns with your goals.
Build Your Network: Engage with real estate agents, investors, and mentors. Their experience can provide invaluable insights. Take advantage of the networking opportunities here on BP and try to get to some local Meetups in Seattle, I know of multiple house hacker Meetups. Go up to the "learn" tab up top and then click events and you'll find some Meetups in your area.
Financial Preparation: Continue saving aggressively. Consider alternative financing options and improve your credit score if needed. You mentioned 20% down but if you plan to owner occupy and house hack, you have options for lower down payments (3.5% - 5%) which might get you into that first house hack sooner than you think. I'd also consider connecting with an agent that is familiar with creative financing as this could be another route to get in the door with little money out of pocket. Check out Pace Morby on YouTube for more content around creative financing.
Remember, each step you take in this journey is a learning opportunity. Stay adaptable and willing to adjust your strategies as you gather more knowledge and experience.
Best of luck and feel free to contact me to answer any specific questions you might have.
