Is this possible?
Hello all,
I've had this idea floating around in my head for a while, but I'm not sure if it would even work. I would like to run it by you all first.
My girlfriend and I earn over 100k and purchased a home for 240k recently (4/10). We would like to start a family soon and want to move back home in a few years. Its tough to find a good job where we are from, so we would like to jump into real estate investing. My question is: how hard would it be to purchase an investment property out of state? I know normally it is advised not to do this, but we do plan on moving back soon.
My idea was to take a leave of absence from my job, travel back home, purchase a rehab property with a hardmoney lender, and sell the property back to myself. A long term friend of mine flips property for a living and said he'd gladly help me out with his lender and contactors and also mentor me along the process. I have my own collateral + fix money. I know once I move back home I'd be unemployed, so finding financing is non-existent and of course I'd have to do this before I go. Basically, before we move back home to start a family we would like to have a multi-unit property that we could live in/rent out while investing on rehabs. Any constructive criticisms or advice would be gladly appreciated.
Thanks
Alan