Start now or hold for retiring army officer?
Hello all! My name is Jason and I am new to investing in RE. I have read a few books and am learning a ton, but am in a conundrum. I am a retiring military officer currently in upstate NY. I will be relocating to Montana very soon though. I am finding a lot of decent opportunities for RE here in NY, but have a few concerns. We currently have an expensive rental in MT where my wife and kids are already living, so we will likely want to purchase within the next 12-18 months. I am concerned that if I start getting some rentals in NY we will tie too much money up and no be able to buy when we want. We will still have a very solid income between retirement and 2 salaries however.
My other concern is that I will be so far away that it will be difficult to manage the properties. At this point I do have a partner in NY that is willing to manage the property on his own but I do not want to take advantage of him. We have discussed options where he would get an additional portion of the cashflow for his efforts.
I guess in short I am wondering if it is smarter to wait, continue reading and learning and start my investing adventures after I relocate and am a little more stable with another job, etc? Or should I jump on the possibility of a good deal?
We are looking at one specifically right now: a 4-plex (only 3 livable currently) and all 3 are rented out with long term renters and currently at a very low rental rate (would raise rent 3 months after purchase) and still has a positive cash flow. The renters are very dirty but pay on time and no real troubles. I am very happy to share the evaluation worksheet I built on it if anyone interested. Trying to figure out how to attach it to this...
Thanks ahead of time for any advice! I have heard a ton about the BP family and forums and am looking to learn and grow!
JW