How to Start When You Don't Know Where You'll Live Next Year

Question

Over the past couple months, I have been ramping up on learning about real estate and the market. I have caught the bug! Due to the ongoing pandemic, I've had a lot of unknowns regarding when I will be moving for work though. I am currently living in Florida, but will be moving to Pennsylvania, but have no way of knowing when that will happen. My plan is to house hack a multi-family property when I do buy my first property.

My question is: what can a newbie do in this waiting phase to move towards the goal of buying my first property? What are actionable items other than reading and listening to podcasts I can do?

Thank you

My question is: what can a newbie do in this waiting phase to move towards the goal of buying my first property? What are actionable items other than reading and listening to podcasts I can do?

Thank you

Tom Harkins · Answer

@Rebecca Dupuis In that case, I would  focus on networking and building transferable skills. Attend virtual meetups and seek out people who are doing what you want to do. It’s a small world so you may even make some connections near your target market. For transferable skills, walk through what you would need to do to get that first property under contract- have a lender lined up? contractors? property manager? If not, how will you find them? Interview them? Know which ones to hire? Time spent answering these questions will not be wasted.

Taylor L. · Answer

Get involved at networking events. Learn about other investment strategies that may fit with your lifestyle more as well, if you expect to move frequently in the future. Syndications, turnkeys, and notes all work well from a distance, but they of course need to fit your goals and investing style.

Blake Hrabal · Answer

I'm in a very similar situation here in Maryland; I'll continue to monitor this thread to see if someone jumps in with good advice. PA has affordable real estate so atleast you're moving to a good state to get into RE - unless ya looking to invest out of state. I wanna get my feet wet locally first so I can manage to learn the ropes.

Welcome to BP.

John Alosio · Answer

@Rebecca Dupuis

Welcome to BP. I'm happy to hear you have taken interest in real estate. You've come to a great place to help with your journey.First I'd have to ask, how is your financial situation? Do you have savings? How much of your monthly income are you able to save? Are there any sacrifices you can make to increase savings? how's your credit score?The answers to these questions may give you some items to address to start out.You mentioned you are learing about the "real estate market". I'd just like to point out that since you are looking to move, there is not one market. Its very regional. if you study floridas market, it will not translate to PA. Do you know which area of PA that you'll be moving to?

How to Start When You Don't Know Where You'll Live Next Year

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