Current REI: 1 single family unit & 1 quadplex (pending) was
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Goal: Enough passive income to sustain my current and future lifestyle (whatever that may be).
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I'm new to BP and to REI and I am curious how seasoned investors would approach REI from my current situation.
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I currently live and work overseas as a logistics contractor and make close to $4k a month after taxes. Not an exceptional amount but I literally only have about $200 in monthly expenses so it feels like more.
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Ideally my strategy would be implementing the BRRR method but I'm not quite sure if that's feasible from overseas with no connections to contracting companies.
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Would turnkey properties be a more rational strategy for an unseasoned investor investing from overseas?
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Could you also share any and all tactics/rules of thumb you use to evaluate if you‘d be interested in a property you‘ll likely never see in person? This will be my first year filing taxes as a rental investor, anything you wish you knew about taxes when you first started investing?
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Also, fortunately for my single family unit and my quadplex (pending) I was able to purchase them with no money down using a VA Loan, so I have $0 of my personal money invested in real estate. But moving forward how much capital would you recommend having saved before investing in rental property? $100k is the magic number I hear from many people which would be difficult for most people but I could save $100k in about 2 or 3 years, would you wait or start with less than $100k saved?
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I’m only 24 so the good thing is I do have time on my side. Glad to be apart of BP Community and I look forward to hearing how you’d approach investing if in my situation.
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P.S.
I plan to expand my portfolio in the Biloxi, MS and Clarksville, TN surrounding areas so any lenders, contractors, agents, investors, wholesalers..etc in the area feel free to connect with me.
