Relocate to begin REI?
Hey all,
I'm young, 28,single, and will have $200K to work with. I am currently debating 2 life plans.
Plan A: Earn my MBA ($70-80K over 2 years, living expenses included), increase my earnings(+$20K/yr), and purchase, rehab, rent owner/occupy brownstone in Brooklyn.
OR Plan B: Forgo the MBA, save the $70K that would be spent on the MBA, and relocate to an area where I could find a comparable job (Science, pharma, RD, earning $40-60K/yr) while I begin REI. Areas I have been considering are Buffalo or Rochester NY, as well as areas in Texas and Florida. Any advice on investor friendly area's would be helpful as well.
Now that I've written this out, it appears to be a more personal decision than a purely financial decision. I love NYC, but by staying I accept the high cost of living and highly competitive real estate market. However, I also love the outdoors and would like to get into fishing/hiking/shooting/hunting, ie things I used to do as a youth, which would be possible by relocating. My long term plans are to be a hands on REI, buying, rehabbing, renting and selling multiple SFR and MFR, which may morph into property management.
Anyways, I would like to get some input/feedback from other BPer's that might have made similar decisions; stay or relocate?
Most Popular Reply
I'm going to vote for getting the MBA, but finding a less expensive program. In the northeast, you should be able to find some very decent programs for about 1/3 of that amount, and you can start investing at the same time you're going to school.
Just my opinion...