Hello - I’m new here. I am 50 years old, working full time, have great credit, and a total savings of $20k. I live in Portland Oregon, have done a lot of research on cost of living in other areas, and want to relocate to New Mexico.
I have never owned a home. I want to purchase in New Mexico but also want to invest. I am also tired of the employment rat race; I’m not cut out for desk jobs. The upside is that I work in healthcare, so will at least be able to maintain employment most anywhere I go.
Is it realistic to accomplish the relocation, purchasing my own home, and begin RE investing all at the same time? Thanks.
Something to keep an eye out for in New Mexico is a house that has a Casita. The Casitas are usually easy to rent and a house with one doesn't usually cost much more than one without. You have to be okay with living next to your tenant for this to work though...
@Dana Curtis welcome! Sounds like house-hacking (buying a multi-unit property, living in one unit and renting the rest) might be a great place to start, if it's owning rental property that you're interested in. You could likely get your housing costs down to very little, if nothing at all and making a little cash. Just be sure you know your state landlord-tenant laws if you're going to manage the units yourself. While you're still working, take the money you would have used for housing costs and save up to buy your next property.
With your credit score lenders will loan you money at a good rate. If you have a primary residence to pull some equity out of and an account that you can shows you have earnest money. You are good to go.
At this point its up to you to determine the path you want to take, the goals you have and the risk level you want to be at.
You have come to the right place to ask questions and learn. Good luck on your journey.
Your overall financial situation will hugely factor into your future decisions.
If I was looking at relocating and getting into Real Estate I would consider the following.
1. Find a good job in the city you are looking at, as your savings won’t go far if you live on it, but a personal residence and start investing.
2. Look into getting approved for a home in NM prior to quoting you Oregon job and moving as currently you have employment history and income on your side.
3. Buy a property to live in that has rentable units or rooms so you can get used to owning a home, making side $, managing tenants, looking for deals.
4. After 1-2 years in NM find another property and buy it to turn into a rental or to fix and flip using your good employment and down$$
5. Join the local REI groups. If in Albuquerque I would recommend the following as a good place to start.
Check out ABQREIA - Local, Practical, Real Estate Investing http://meetu.ps/c/2CDn9/1fYfX/a
Check out Investing in Albuquerque Real Estate Meetup http://meetu.ps/c/36G5k/1fYfX/a
Welcome! Your journey comes down to what you want, and your ability to buy. I recommend all buyers talk to a lender where they want to buy first, or talk to many, your choice. Become comfortable in the conversation. Get access to money first, then shop for what you want. Different buyers have different wants. I advocate everyone that can, buys so they have an asset to sell later and bigger that they have stable housing. I.e. rather than having rent raised by landlord whim, it usually only changes when taxes or insurance goes up. Then think about what you want the asset to do? Do you want cash flow, or appreciation of both? I have helped first-timers buy here for less than the amount you have. I bought my last with roughly $12k. Call me if you need personal insightt, no pressure. Steve
Something to keep an eye out for in New Mexico is a house that has a Casita. The Casitas are usually easy to rent and a house with one doesn't usually cost much more than one without. You have to be okay with living next to your tenant for this to work though...