Hi everyone!
We hope we can communicate our goals, vision, and what game plans we are considering running with to gain some insight from the community. Our goal ultimately is to create cash flow within 10 years of 6k-10k ideally and also be able to buy our personal home in Texas that will be our forever home once we relocated there in 6 years. We have land (already paid off and just pay property taxes) but just haven't bought the home to place on our property. We are currently renting and our landlord has given us a great rent rate and we ideally want to focus on long-term rentals and utilizing BRRR for our portfolio.
Our current market we live in is Las Vegas, NV which is a great city for growth, but it's been tough right now to find any cash flowing properties within our loan amount from our NV lender. It's looking like we might need to play the appreciation game but the inventory here in Vegas for our loan amount is low. Also, we cannot relocate to another state at this time due to co-parenting, so we do need to continue living here in Las Vegas for another 6 years. So we have a couple options that we're considering as we have access to both NV and TX markets that we would love some insight on:
1. Continue stacking up more cash reserves while looking at our NV market for our first home purchase (its hard to say how long we will need to wait for more properties to pop up as inventory is currently low). Then of course when we do come across one, live in it for a year minimum so that we can build equity on it, then cash out refi and buy another property in TX or NV to be used as a long term rental. Then rinse and repeat to the next property either in NV or TX as long as we either break even or make some cash flow. We are predicting that Las Vegas homes will continue to appreciate, but cash flow is tough to come by with homes until 350k right now.
2. See what we can do now to build equity instead of waiting on the LV market to improve and continue renting here in Vegas (we have a really good rate with our landlord) and instead buy our personal home in Texas as a secondary residence so that we can start creating equity sooner (its a beautiful manufactured home so not a huge mortgage). We received a great rate from our lender in TX that we can afford its mortgage and our rent here in Vegas. So our thoughts are we could go this route so we can build equity on something sooner instead of waiting for an NV property pops up.
Hope that made sense. We are pretty much determining which move would be the best to help us get a first property and how either option would be best in helping us kickstart our portfolio with all considerations. Thanks all!
