Hi BP guys and gals!
I've been bitten by the real estate bug! My wife and I bought a SFH as our personal property last year on an FHA loan in the Denver market. I did a remodel and according to my realtor have already forced $30-$40k of appreciation! Originally, we thought that we would live here forever, but now I can't wait for it to appreciate further so that we can sell and buy more, but I don't want to wait that long!
We now want to buy our first investment property! Unfortunately, we do not have the capital to put 20% on anything here in the Denver area, but we don't want that to stop us! After spending the last month reading books (particularly @David Greene 's book on out of state investing), listening to BP podcasts and analyzing deals; I feel like that we can definitely make another market work. Enter Kansas City. We both grew up in the KC area and most of our family still reside there so it seems logical that we start our investing career there.
The more I learn, the more I realize how important it is to find your niche before you jump into your first deal. This is where we're having the most trouble! Do we buy a SFH or small multi family (duplex, triplex, etc)? Or do we do a flip? Do we find a partner who is local for our first deal? If so, how do we go about doing that? I feel like we're at the point where most newbie's, especially ones who are looking out of state, give up. I don't want that to be us!
We're looking for some guidance and would appreciate any advice on where to go from here! I've reached out to several real estate agents and am meeting with one the 1st week of April as we will be there visiting family. I'd also love the opportunity to meet with other investors while we're there. So, if anyone knows of a meetup, would like to grab coffee or walk some properties between the 3rd-7th, please DM me.
Hope everybody is having an awesome week!
