Hi all, I am currently a Travel Nurse in San Diego, CA. I'm 24 and I've learned quickly that I don't want to be tied down to an hourly job much longer and would rather work when I want but have free time to do what I enjoy on the side. I've been listening to Bigger Pockets for a while now and just recently decided to actually use my BP account. I've considered many different methods including house hacking, BRRRR, multi-family homes, and turnkey properties. I love to travel and don't stay at one place for over a year so that kind of kills the house hacking idea. I plan on staying in California too for the foreseeable future and I definitely don't have the capital nor want to buy my first property here. I am thinking of out of state investing.
I guess what I'm asking here is if anyone can give me tips or guidance on where I should start? I'm thinking now of turnkey properties that I can be pretty hands off on while still getting a positive cashflow each month. I'm looking into turnkey properties in Memphis (Memphis invest) and Jacksonville (JWN) so if anyone has experience working with those companies, feel free to PM me or leave your experience with them below! If anyone has recommendations on good investment areas too, I would love to take a look. I've considered Tampa FL, Las Vegas, and Arizona. I haven't looked into turnkey until recently so I would love to connect with anyone that has had success with turnkey profits. I'm also open to other investment ideas that can help my money work!
Anything helps an
@Benny Dong I encourage you to reconsider househacking in San Diego for a year and then converting to a long term rental. You will likely invest less capital buying an 800-900k duplex than buying turnkey properties in random out of state market.
Also, if you want to grow the most amount of wealth you will do it here in San Diego than in some cashflow market that gives you $100/month cashflow and little appreciation in value and rental potential.
You are young, if you want to get wealthy in the stock market overtime then a financial advisor would encourage you to invest in growth stocks (appreciation) vs when you are getting ready to retire, switching out to something that has very little growth but pays monthly dividends (cashflow)
It is very similar in real estate, appreciation will make you most of your wealth overtime. Take advantage of the great market that you live in
Hi Benny, Welcome to BP!! I started off by reading a lot of books on minset like Deep work, the one thing, rich dad poor dad and these are some of the most recommended books on BP podcasts along with the real estate books. But definitely 1st step would be to get educated in the real estate space. If you have decided to invest in turnkeys, you have chosen the right companies.
I bought turnkey rentals in Cleveland with Martel Turnkey and another rental property in Memphis, TN using Roofstock. Let me know if you want to connect and chat about the purchase process.
Tampa checking in, unless you are investing for appreciation, Tampa is going to be a hard market to net alot of cashflow on a turnkey property. I think your best bet may be a new build in our area and then renting it out, that way you could at least minimize your cap ex. Let me know if you have any questions!
Just my personal opinion, dont start out with appreciation in mind. I think you have a unique opportunity in the fact that you have traveled to more places than most. Get to know the places you plan on investing in, take a 3-6 month travel position in some areas you plan on investing in before you take the plunge. There are areas where you can buy a 50K investment or a 500k investment, figure out how much risk you are willing to take on initially and start from there. Keep learning and reaching out to BP, There are great people here who will lend a helpful hand!