Starting out. Looking to leverage 401k. Input?

[Anthony O.]

Good day BP community!

First, I would like to thank you in advance for reading my discussion, and for any words of wisdom you are willing to share.

I am a Southern California homeowner looking to invest out of the state. Thus far, these are some of the issues on my jot pad:

• Capital
  • 10k Cash, with the ability to take a loan against my 401K for 15k. This would be at a 4.5% rate back to myself.
  • I only have 20% equity in my home, so I don't believe that would be a viable option just yet.
• Strategy
  • BRRRR-My concern is if I would have enough capital to support the rehab portion of a purchase.
  • Single Family home
• Markets
  • Thinking the 100k range in cities that are situated around small town colleges, or other potential sources of consistent renters. 
  • Some places I've researched include:
  • Statesboro 
  • Winston Salem
  • Tulsa
  • Grand Rapids
  • Portland 
  • Sparks
• Building a team-I understand that this is one of the MOST important components of any successful investment venture.

I would genuinely appreciate any advice, critique, or words of wisdom.

THANKYOU! 

Tony