New job oppurtunity, Pls help with Major Decisions.

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New job oppurtunity, Pls help with Major Decisions.

Jason Hilliard
Pico Rivera, CA · Member since 2008 · 2 posts · 0 votes

Hi everyone.
I'm new here and have some major questions to ask.

I just got a job oppurtunity that pays $3500.00/month. It is either for Houston, TX or Phoenix, AZ. I want/need to get into real estate investing.

Here is my current situation. I have $1500.00 in bills, and it seems renting a place in either city will run about $1000.00 a month. Leaves me with only $1000.00 profit each month. Maybe a little more if my fiance gets a descent paying job.

1. Based off of housing market, which would give me the cheapest and best oppurtunity to make money investing in real estate? Arizona? or Texas?

2. Can I do any type of investing having only $1000.00 left over each month?

3. I have $26,000.00 in credit card bills, will this stop me?

4. Which route would you go if you were me? Ie: Rehabbing, Buy & Hold etc.

5. And finally, which place do you think you will get the most out of when you try to sell the property.

Anything else anyone would like to add i'm all ears.

Thanks in advance.

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  • Account Closed
    Minneapolis, MN · Member since 2008 · 691 posts · 12 votes
    18y

    Jason, Welcome to BigggerPockets!

    I cna't speak for Arizona, but i do know that Houston has a good economy that seems to have done better than most in this market. Judging from the posts I have read here and elsewhere, Texas is good place to be for real estate investing.

    As for your REI potential, You should probably decide where you want to be, and go and get established in your new job. Start saving money, as much as you can, for down payment funding. Meanwhile, you can educate yourself more and start doing some wholesaling and bird dogging. Join an REI club and get to know other investors and build your buyers list. Formulate your team: attorney, agents, title company, contractors, handymen, home inspectors. Identify a marketing budget and start a consistent marketing plan (direct mail, bandit signs, flyers, eds, etc.) so you can generate leads of motivated sellers.

    When you start making money then start paying down that credit card - you'll need it for rehab costs later! Good luck, Mike

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  • Jason Hanson
    Real Estate Coach · Oakton, VA · Member since 2008 · 695 posts · 43 votes
    18y

    I don't know which city is better, but if I were you I would start out wholesaling.

    If money is tight, you want to build up a cash cushion then move into rehabbing and buy and hold.

    I would search the wholesaling forum and it will give you everything you need to know.

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