For last few years I've been following BiggerPockets podcasts, read David Greene's long distance investing book, and searched around real estate aggregators in various locations around the country for both single family and multi-family homes. I have 60k and growing, but want to know where and how to invest to eventually just live off the cash-flow. I'm in an overpriced rural northeast market and waiting for my wife to finish dental school while I'm working remotely. When she finishes in 3 years, we are interested to move wherever makes the most financial sense, so if real estate is going well and us being there would be a benefit, we would go there. Alternatively, if the gains aren't higher by us being there or it's long distance investing then we'd prioritize to move to places better for my career and salary growth.
Which strategy would you recommend I go for? Or are other strategies you would recommend?
1. Long distance invest in a multi-family or single family, rent out all units, be limited by non-FHA mortgage due to to high % down (so not more than 200-250k home), risk area depreciation or it being in a 'not so good/improving area' but have good cash flow and the flexibility to move where career is better in high cost of living places. Will continue to need 20-25% down payments that would take time to save up.
2. Invest in a multi-family good real estate market I'd intend to live in after wife's graduation, be able to take out FHA for higher loan amount (i would satisfy the 1 year or 6 month 1 day living requirement in one of the units), eventually move there to continue house hacking but limit job salary growth.
