Updated over 6 years ago on . Most recent reply
Guidance for new investor from CA
Hello all,
I recently joined the bigger pockets community and have really enjoyed the amount of information and tools here available to make investing in real estate easier. I am looking to make an active switch in my career from working a 9-5 towards building my own wealth in real estate.
As I look to initiate my strategy, I am having trouble on what is the better option. In many of the books I've read, it has been mentioned to start in your local area within 150 miles or 2 hours from where you live. The problem is that I live in the SF Bay Area currently (the highest-priced real estate market). On one hand, I want to leverage the strategy of staying local because I want the hands-on experience to work with my properties first-hand.
On the other, it seems to me that going out-of-state is the best option for getting started with lower property prices and better cash-flow.
Does anyone have suggestions on how they got started in an overpriced market? Would it be ill-advised to invest out-of-state as a new investor? Or is it preferable to stay in your local area for deals that you can possibly source in cheaper surrounding areas?
Any guidance is appreciated
Most Popular Reply
- Real Estate Broker
- Columbus, OH
- 1,771
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@Bryan Kurtz Maybe a serious question to consider.
1) List all the full-time flippers you know...I mean really full time.
2) Ask to see their tax returns
3) List all the full-time buy-and-hold investors you know
4) Ask to see their tax returns
5) Switch to buy-and-hold
That said, this game is all relative...but you said you want to replace your 9-5 right?...why replace a job with a harder job?
- Brandon Sturgill
- 614-379-2017
