Hi BP! This may be a long intro post, so stay with me here! I'm looking for some honest and thoughtful feedback from some like minded people here.
I've been looking to start RE investing for a couple years now, but ended up delaying to ramp up my recruiting company instead as it has very little overhead and it cash flows like a champ. I've hired a few people this year and it's going well. At the time, I contemplated fix n flip or wholesale in Denver, but the market is insane and honestly, I make more money from recruiting.
Since then, I've gotten married, we welcomed our first kiddo, and I've paid off over $110K in personal and business debt for myself and my wife and I've also hired 2 recruiters who I've trained and soon should be bringing in revenue for the business. We've also been traveling for fun around Europe while I run the business abroad! Super blessed!
We're set to come back to the States at the beginning of September and we're looking to physically live in SLC for personal reasons. I've heard good things about the market for appreciation, but the deals I've been looking at seem to cash flow pretty poorly. I'm looking at multifamily, 4-plex, maybe 3/2-plex, not SFH. We've thought of house hacking a duplex, but we need at least a 3 bed because I work from home and I've not really seen a setup that works for our family. We might be open to a house hack in SLC, and we're still keeping the option on the table but we're fairly private people and the idea of sharing a wall with a tenant doesn't sound ideal at this stage in life.
Because of this, we've decided to invest in a different market and we're strongly targeting Cincy and Louisville as the multifamily cash flow looks good, even if the appreciation doesn't and we have some personal ties to both geographies.
So here's the dilemma for when we set up shop in SLC do we:
A. Rent a house and pay some else's mortgage for a time while building up a portfolio in long distance markets? Concern being that it's not our house and we don't benefit anything and also being that SLC is appreciating so our entry would be more costly after x time period.
B. Buy a SFH in SLC that needs some work and use this as a home base that we can force appreciation and possibly flip (or just live in/HELOC) to have stability for our family while I continue to grow my recruiting business and later invest in other markets?
I realize this is a personal decision for my wife and I, but we're interested at what some pros and cons of either option the BP community might come up with.
Thanks in advance!
Tim & Suse Gerrells
