Thank you for stopping by! This is my first time on BP and I can't wait to hear from some of you on this trend.
Let's get started, my name is Alex and I'm a first generation immigrant that made my life harder just for the sake of it. I was born in the "former Soviet Russia" that happen to have the best mom ever that got me out of there by the age of 6. I was raised in Barcelona, Spain. Where by default you get free education health and all kinds of goverment goodies that I didn't appreciate at the time.
With that said I moved to Denver CO in 2014 and ever since worked in the oilfield. Yeah yeah yeah, oilfield is this and that... but real talk is that the money they pay you is the equal to the time away from life. That's enough, time to do something about it.
Erin, my partner in crime and the most amazing thing that ever happened to me has been working on the idea to going to texas, Austin area and begin to make a living there. She is a Texsas state Graduate in mass comunicacion and has the drive to move mountains.
We have put together a small savings deposit of +60k, no student debt, no credit debt, no car payments, no mortgage payments, and 800+ credit scores. Not too bad for 26 year olds. We came here because we dont know no one in the same position we are right now.
WE NEED A PLAN
Help us realise our options and if someone who had the same idea or and did it or are in the same process as we are please contact us we are super confused. We know how to save money, We don't know how to put it to work for us.
We are having issues to figure out a distant market, health insurance, and all the additional cost...
This went a little over board but I guess I had a lot to say and finally found a platform to do so.
And since we still work full time job, I'm "Russian out of here" if you know what I mean!
Thank you in advance, and it's a privilege to be a part of your community.
If you are planning to move the first question is do you want to buy an investment property a primary residence or both at the same time, all are valid options.
@Aaron K. I would think the investment property makes a lot more sense. Locking us up with a primary residence and loosing initial capital, but if we did this i would put tenants in it. Austin rent is relatively cheap and we can go by for a year or so.
@Alex Gerasimenko you could also buy a duplex and live in half and rent the other half to get the best of both worlds. If you were going to invest would it be in Austin or somewhere else?
@Aaron K. Austin would be the goal. But nothing wrong with surroundings and upcoming neighborhoods. I guess I have to learn how to pick places and getting the right properties for the right price... that would be the biggest challenge
@Alex Gerasimenko I’d start by househacking and move from there.
I got started by buying a duplex here in Austin and basically did that once a year until I had enough money to quit my job. I'm biased, but in my opinion that is absolutely the best way to do it. If I were you, I'd rent for a year first just to get situated and get to know the area. With 60k you probably won't have enough of a down payment to be able to buy an investment property, but it is enough to put down on a duplex you live in. Feel free to reach out with any other questions.
Hey @Alex Gerasimenko ! Welcome to BP and thanks for sharing your story and current situation.
I think you are in a great position to make a move on some great deals in your area. I have a couple of quick questions for you, if you don't mind!
- Are you open to investing outside of Austin, TX?
- Are you open to a Turnkey solution?
- What are your long-term goals?
As you can see, I work for a turnkey company, however, I'm more concerned with helping you to achieve your goals - so, if discover turnkey isn't for you, that's 100% okay! At least I've helped you in narrowing down your strategy.
One of the markets we operate in is the Dallas/Fort Worth area which has some great single-family opportunities still available - primarily in communities just outside of Dallas. With $60k, you would have more than enough to invest in a fully renovated turnkey solution that also provides great cash flow in a thriving market.
There are many different solutions. Turnkey is only one of them. But, it does allow you the opportunity to begin building your wealth passively. It really comes down to what's most important to you - your time, or your money.
Let me know if you have any additional questions! I am more than happy to help in any way I can!