Best option for first time investment?? Sweat Equity/relocation
Hi, all!
First time investor question:
I am seriously looking at the Denver market for a first investment, because it's such a good deal for the money and a perfect place for a property since the market seems to be exploding. The only issue - since I am going to be a first-time investor, I would highly prefer to go in with a more experienced partner/investor, and put in plenty of sweat equity to the property to get it going. I've done something similar before (no equity, but on-site property management & flipping in college on one of my parent's properties. Refurb bathroom, backyard, & keep tenants in the home) Parents are capped on properties as of yet (7) so they regretfully declined the opportunity.
I still want to invest while the market is good, I don't know whether it'd be a better idea to
1. Stay in Los Angeles & save enough money to go into the property alone on an FHA,
2. Relocate first and then hopefully foster relationships that could turn into a partnership once I'm there, or
3. Start looking for an investor while I'm still in LA and move once that's secured (which seems the most challenging in terms of networking, but least risky in terms of income).
Any and all recommendations would be super helpful.
(P.S. I was planning to relocate to Denver eventually anyway, I'm not JUST moving because of the RE market.)