My wife and I have been wanting to buy a single family house for a while now. We are just sick of renting and it sounds like a great investment. The only reason we haven’t is because we are going to be moving away to another state in a year and a half. For my wife’s education. We will be returning 3 years later. So, we’ve been thinking about buying a house, living in it for a year, rent the house out when we move away and have a rental property management take over while we are out of state. The house would be located in city that has a university, so we are wanting to rent to maybe grad students or single families. I have absolutely no experience in real estate and neither does my wife. I know investing in real estate is risky and you have to take risk. So, I just want to know if this was a crazy idea. Especially on our first property adventure. And maybe we should just wait until we move back to the area and then start buying property. I eventually would like to own as many rental properties as I can.
Probably one of the easiest ways to get into real estate rentals actually. The only thing crazy about it is how common people do this.
Make sure to get extensive education on the math, and that particular market so that when you do rent it out it's cash-flow positive.
Welcome! good luck!
I would probably wait since you are moving away. Perhaps after three years you will decide not to move back to the same area and end up moving somewhere else or staying put in the new city. I would save up and buy once you find an area you want to live in for at least a few years. Perhaps even buy a duplex once you figure out where you want to live long term and you can house hack. I do not think it is a good idea to be a long distance landlord for your first property.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.