Just starting out, opinions please!
Morning all! I have a few very newbie questions I’d like some other opinions on.
Quick summary of where I’m at in life at the moment: I’m 25 and live in North Carolina. I was recently laid off from work and (long story short) I did some deep self-reflection and the rat race isn’t for me so I’ve decided I’m investing in real estate. There are many things I’d like to do/experience in this world and real estate seems to be a way to free up time (eventually) to do/experience those things.
As I mentioned, I currently have no job but I do have around $29k saved up and $26k invested elsewhere. In order to reduce expenses, I moved back home when I was laid off and currently spend $250 to cover expenses. I’m doing a boat load of reading with my newly acquired “free” time, and I’ve come up with a few questions.
-Is 29k enough to get started? Should I pull from the other investments?
-Should I get a job again temporarily before investing? Would it make a loan un-gettable if I didn’t have one? Is it smart to start investing with no income in case something blows up in my face?
-Starting out, I was thinking of either house hacking a du, tri, or four plex or alternatively buying a single family and living elsewhere. Opinions?
-My eventual goal is to have management be as hands off as possible. Should I try and manage the first unit for a while to get in-depth knowledge on the process or try and outsource it right away? (I’m still going to budget for it either way).
Thanks all!