Have a few questions and would love some suggestions!
Couple quick facts about me:
28 years old.
Living in Los Angeles.
Renting where I live for $1700.
Currently stay at home dad.
My schedule is fairly open / flexible (some acting and restaurant work part time).
Wife works full time.
Have about 90K that we'd like to begin investing (real estate etc.)
Our families live in Virginia.
Wife is dual citizen in Colombia & U.S.
I would like to make our money work harder and create passive income. The end goal would be to have this be our primary / only source of income.
1. Buy a home first or invest money?
As far as the 90K, should we focus on buying a house first? Or just continue paying for our rented apartment while we put that 90K into real estate that can generate income (then later potentially buy a home)?
2. Any suggestions on what kind of real estate / investing I should start with given my circumstances / goals? LA is a unique place... just saying!
Would love some tips and creative ideas!
I like performing notes for income. There are some caveats though. You will need some level of training before diving in, and it usually takes a few months of preparing before you are ready to actually buy something. If the note stops performing then it becomes the opposite of passive, and you need to know what to do in that circumstance.... But if you are in it for the long term and have the goal of acquiring many of them to produce income, then I think its worth looking into.
I think the logical first step would be to House Hack. Start there and come back in 18 months for step 2.
Have you considered House Hacking? There are tons of podcasts and forums around this, but you would be able to buy a house and earn a side income, possibly enough to cover your mortgage. If that is something that you are interested in, do some research on BP, and you might find that it works for you, being a stay at home parent, you could manage the property yourself, or have a property management team and pretend to your tenant that you are renting too! Just something to think about.
Also I know of someone who is looking for certified lenders for an apartment complex, if you are interested in that I can forward you their info as well.
Good Luck, and Best Wishes!