Hi all I live in CA and I am a first time investor. I have some cash of my own lookimg to invest in either a flip to pull money out sooner to reinvest or purchase a rental. I am looking in states MI, KY, TN, TX and AZ.
I would love to hear from other first timers and seasoned your opinions suggestions and more abouf funding most importantly, location states and pros and cons. What has gone wrong etc.
thank you all who decide to discuss!! Much appreciated.
Hello Kim! Welcome to the community. May I ask why you chose those states? How are you going manage your investment remotely?
I don't think there is a right or wrong answer between picking flip or rental. It really depends on your individual goals. I think most start with flipping to build capital or to get their business off the ground. Then they move towards buy and hold. That is not always the case but that is my experience with investors in my area. I wish you the best of luck either way.
Hello Jon thanks of the response. I have been doing a bit of research in those states in particular. Since my price range is that of $50 to $120 right now these states have an up and coming communities with big businesses moving in. I have found a few management companies that will locate tenants and manage property as well. I agree with you on the beginning of the flipping due to building capital and to reinvest which is where my dilemma of what should i do first at the moment seeing I only have a small amount of cash to use on my first investment. May I ask how you started and your experience.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you