I'm a 29 y/o ecommerce entrepreneur and looking to get into real estate investing in order to turn my cash into income producing assets (and also have a place to live). I've been traveling the world for three years, so I have no home base, though I like the idea of splitting time between USA and Mexico. Based on this info, my initial plan is to buy two single family homes or duplexes (one in USA and Mexico) and rent them out while I'm not there, but I'm feeling a bit overwhelmed with options and strategies.
My questions are:
1. How do I go about picking the most opportunistic markets? Or are there so many that it's simply a matter of me finding a good deal in a place I want to live?
2. Is my plan a good way to start in the RE market?
3. Should I buy in cash or get mortgages? (assume I have the option)
4. Are there any must read books for someone in my position?
Any advice is appreciated.
Hi @Neil G. ,
I have no idea about real estate law in Mexico. Some advice I've taken to heart is live where you want to live and invest where it makes sense. I happen to live in a place where it makes sense to invest, so I'm especially lucky.
If you can get conventional bank mortgages they are the cheapest, longest term money you can get. Some other advice I wish I had known was to max out my conventional loans before moving into commercial/portfolio loans.
Thanks Amanda! Based on my initial research, investing in Mexican real estate for foreigners is pretty easy, especially Americans. You can even get a mortgage, if necessary, for about 6-10%.
Right now, I think my biggest challenge is figuring out where I want to live/buy in the USA. After traveling for years and having no attachments, it's hard to commit. Then you mix in the investment landscape, and I have a hell of a lot of options.
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