Good afternoon everyone,
I've been reading thread after thread of SFR investing on this website and I've found a ton of useful information. I also attended my first investor meeting last week and it was quite informative. First I'll start with the good news. We just received an offer on our home yesterday. We listed at $330k with a goal of somewhere between $320k and $325k. Surprisingly enough, we received an offer at our original asking price AND they're covering half the closing costs. The net profits from the sale (assuming it appraises) will be used primarily for our first deal in the future.
Of course there are numerous ways to find properties for sale but I've just been browsing the typical websites(Zillow,trulia etc.) and homes are priced pretty high out here these days. I see threads of people finding properties under $100k in their towns but that would hardly get you a condo in a questionable side of town here. Also, I love the quad-plex house hacking technique, unfortunately, Vegas isn't known for small MFR. Eventually, my wife and I will be moving to the DFW area, where less expensive SFR are much more common, as well as small MFR.
So my question is: Should we purchase another inexpensive SFR for ourselves this year and look into turnkey SFR in the DFW area? Considering rents have increased to over $1400/mo for a 2bd 2ba, it doesn't make much sense to rent here.
My goal is slow and steady passive income. I'm not concerned with quitting my job in 5 years. I just want to build a portfolio SFR and/or Small MF homes over time, with enough cash flow to cover my primary bills.
I greatly appreciate your feedback,
Matt
