Hello BP! I'm in a somewhat fun situation and I would like your input. I'm graduating college this year and got my first "real" job a couple months ago. I've lived in Wisconsin my whole life and I'm looking to change it up when my lease ends this May. Here's the thing: I don't know where I want to move to. I'm thinking out west somewhere (Colorado, Montana, Arizona?). So, my question is, if you guys could move anywhere in the U.S. to start your real estate investing career, where would you move? Here are some factors influencing my decision:
- Reason I want to move: I want to experience life in another part of the country. I like Wisconsin, but I feel it's time for a change.
- What am I looking for?: I'm looking to live near the mountains (for mountain biking, snowboarding, etc.). I want to be somewhere with good weather most of the year. I quit drinking recently and I'm trying to meet people my age (24) through hobbies rather than the bar scene. I'm looking for a real estate market that is stable and cheap to enter.
- What kind of investing do I plan to do?: I want my first property to be 2-4 units, and I will house hack so that I can purchase with a 3.5% FHA loan. I think I would like to focus on cash flow rather than appreciation to start with. I plan to repeat the "house-hacking" strategy year after year (with higher down payment loans if necessary).
- Do I have any restrictions when moving?: No, not really. I have one cat, no girlfriend, and I work remote. I will have my bachelor's by the time I move.
- How much money do I have? Not much, but I just started making 60k/year and will be making 70k-80k/year by the time I move. Also, I only plan to put 3.5% down for my first property so I should be able to build up a decent down-payment savings over the next 9 months. Still, I am looking for a place with low cost of living.
So, if you were in a similar situation, what region, state, or city would you move to?
