I'm new to the BiggerPockets community and I'm looking for some guidance getting started in REI. I'm 22, just graduated college and have been working as a manufacturing engineer for about 4 months now. I've been able to save up about $10k and I'm looking to get a game plan going forward in my real estate investing career.
The only problem is that I will be in a job rotation program for the next 2 years, meaning I'll be changing locations every 6 months. My potential locations are about 4-5 hours away from each other.
I've read a few books and I have the basic education down, but I'd like to get my feet wet with REI. Long-term, I'd like to buy and hold multi-family properties, but it seems that this route requires a lot of capital for a down payment. Short-term, I'm planning on working with single-family homes to build up some capital. I'm considering starting with flipping and/or wholesaling as well.
What do you think would be the best approach starting out, if I'm changing locations every 6 months: wait until I'm settled in one location and just save up cash for a down payment, or work a different method like flipping or wholesaling? Also, what would be the best way to start learning about a new market, seeing as I'll be moving every 6 months?
@Matthew Burns It's so awesome that you're wanting to start so young! I wish I had learned about REI at 22 (I'm 30 now so still not too old). I don't think you have to wait to settle down into one location to start. I live in NY now, originally from Florida, and I'm investing long distance. My husband and I have purchased 2 properties sight unseen. As long as you have the right team in place, there is no reason for you to ever even step foot in the property. We purchased our first one sight unseen and people thought we were crazy. Then I read this book by David Greene "Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Properties" and I knew I wasn't insane. I highly recommend it. It'll open your eyes to a whole new world :) best of luck! Feel free to reach out with any questions about long distance investing and managing. The author does not manage his own properties but I do and it's not so bad.
@Elenis C.@Matthew Burns Elenis is abolutley right, starting at your age you are going to be serious Pro in 10 years. When you are in the differnet locaions make it a point to learn the areas and make contacts. Go to the local REIA meetings so you can fast track your knowledge of the area. As you move around the areas you have been might be the best place to wholesale casue you will be familar with the lay of the land and have contacts in those areas.
Elenis, I'm in south fla and I have a friend in long island that is looking to wholesale in fla, we might have some syngery I would like to chat if you are open to that.
@Matthew Burns congratualations on graduating and good luck to you!
@Matthew Burns I would only think of doing this once or twice. For a guy with an engineering job you make decent money. Plus this gets old fast.