Hi all! Looking for some advice here.
I currently am working 2 jobs with 1 FT position bring in 80k as well as a PT agent in WA. I'm currently in my moms basement but looking to move out in the next 6 months. Here are my options.
1. Buying a property in Kirkland with 20% down while living in 1 room while renting 2/3 out to break even on the mortgage (3-3.3k) so 1k per room
2. Finding a fixer upper to live in and spend more money to renovate then sell back into the market. (I have 0 construction/ contracting experience)
3. Investing in out of state properties (Texas / Atlanta / etc)
What do you suspect is the best option? I am looking to make an extra 50K this year off real estate as well while maintaining my FT job.
@Kelvin Yuchen I am between 1 and 3 for you, but it depends on your goals.
Is moving out a high priority for you? I know when I was 25, it was for me. So I did the stupid think and moved to NYC. Just so I could have more privacy.
Now, If you don't mind living home, I would go out of state or a market far enough that cash flows!
#1 is the lowest risk way to start in my opinion and gets you out on your own. You can then move out and do it again, keeping the first as a rental. Good luck!
From first impression, you sound like you are a pretty smart guy and have thought about your options throughly.
I don't think it matters what option you pick as long as you pick SOMETHING and don't debate on it for the next 40 years like most people. You are young enough where you could go bankrupt and totally fail and still have time to get back on your feet within the next 5 years and get back in the game. Im not trying to say you are going to fail but just trying to make the point that you are young and your risk profile should be higher than others given your recover time.
No matter what you pick, you'll figure it out as you go. Feel free to reach out if you want to chat some more, always looking to connect wit others.
P.S. If it were me, I would go with option #1 bc that is what aligns more with my personal goals.