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Updated about 10 hours ago on . Most recent reply
Beginner interested in out of state investing
I am a 22 year old living at home with family in California. I have a good amout of money saved up and want to start investing into real estate. with crazy high prices in California, I feel Its the obvious choice to go with rentals out of state. Specifically Multi Family.
I need advice on how I should get into this. I just started building credit like last week so yea.
My goal is create a solid cash flow and eventually build my portfolio to live financially free.
1) Where are some Markets I should consider?
2)What kind of team would I need to put together
3)How can i get started if all i have is money right now
Anything helps thank you!
Most Popular Reply
#4 All Forums Contributor
- Flipper/Rehabber
- Pittsburgh
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#4 All Forums Contributor
- Flipper/Rehabber
- Pittsburgh
it sounds like you might be in a good position to house hack in CA. I know, I know - prices in CA are expensive. but, house hacking allows you to build equity AND invest using just your own housing payment. so, i wouldn't rule it out, especially if you haven't even tried yet. you're in the perfect position if you have cash saved up for a down payment, and don't need to sell a property to buy.
others might chime in with candidates for out of state markets and sure, you could buy a random property in TN or OH or AL. i just don't think it's going to do anything for you. interest rates have made it very difficult to cash flow, and so you're taking what might be your future down payment money and just parking it somewhere, and likely getting a very low, or no, return.
hope this helps