Hello all! I'm a newbie from South Florida (Boca Raton) looking to get started with real estate investing. FInishing up my A.A this year, as well as soon getting my real estate license (2 weeks left). Got my real estate license not necessarily to be a real estate agent but to start to get my feet wet in this world of real estate. I have been working part-time trying to save up here and there as well as reading books and listening to podcast every day.
So I guess my question to you guys would be... being that I live in a hot south Florida market, where it isn't the easiest to buy a property, maybe I should look at investing out of state? up until now I have not considered this route. The original plan was to house hack a duplex with an FHA. but in the long term side of things, do you think looking to invest out of state is a good idea? Any advice greatly appreciated!
@Jo Mendes Congratulations on getting started. There is a tremendous amount of information here fore the taking. I recommend the podcasts. Every one. As for your questions, deals are hard to come by in any market. It's all relative to what your strategy is. Some markets are more favorable for flipping, and some are for buy/hold. Even the buy/hold markets can be differentiated by which markets are good for cash flow and which are good for appreciation. It really all depends on what you want to do. Anything is possible with the right execution.
I will say this... we have a great group of people that get together every month and discuss things like this over coffee. We'd be more than happy to have you come and join the discussion or pose questions we haven't discussed before. We meet over coffee in Delray Beach, so if you would like more information, let me know.
Good luck out there...
Given that you’re young, I would definitely recommend an FHA househack. I’m not entirely familiar of your area, but I’m sure there are less expensive markets within a decent drive. I know southern Florida is expensive near the beach but I would think a half hour inland would be less expensive. If you were in Silicon Valley where it’s 500k+ houses every direction you go I’d say sure, invest out of state, but I would expect there is cash flow not too far away. Keep saving and learning man, best of luck.
@Jon Huber I greatly appreciate the feedback! And yes i am interested in meeting with you guys, if you could let me know more about it.
I live in pompano beach and would like to meet up with other investors. Would you be interested in doing a meetup?
Subject bigger pockets meetup.
I'm an investor in South Florida (Pompano Beach). Feel free to message me to set up a call/meeting.
@Jo Mendes Welcome and congratulations on joining BP, this is your first step. I did my first deal as an owner financed house hack while living in the Lake Worth area of South Florida years ago. IMO, this is by far the easiest path to entry into REI. It is possible to get into a deal with little to no money down using creative financing options. In my first deal, I was able to get a deal with 5k down on an owner financed deal. This would allow you to get started in your own backyard where you have knowledge of the area. If the cost to entry is to high in your immediate area start looking 2 hours out.
Investing out of state involves much more risk as you need to have boots on the ground to help look after your investment. I'm not saying you shouldn't invest out of state, but if you do, be sure to vet your partners/team members to ensure that you can trust them to look out for your best interests.
Start attending meetup's in your area and network with other local investors who may be able to help you find a deal. Keep reading the forums to gain knowledge. At some point you will need to take action, just be sure you have the knowledge and the support to make an informed decision on your investment.
@Ted Klein Thank you so much for the feedback. The insight you gave me on house hacking really has me thinking and brainstorming. Goodluck on your investments, and happy thanksgiving!
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