Carlsbad, CA · Member since 2019 · 22 posts · 1 vote
Hi everyone,
I have an interesting question. My dad and I are trying to get into real estate investing. My dad has a line of credit of around $200,000 and I have some cash saved for investing. Unfortunately we live in northern San Diego so properties are very expensive. We are trying to figure out the best use of our money. Should we try to find something in San Diego or should we look else where in the US so our investing money can go farther? I guess the pros and cons would be local is a little more hands on for first time investors (less of a return) and I can house hack. Elsewhere possible higher returns but more difficult investing.
Real Estate Broker · Dunedin, FL · Member since 2015 · 74 posts · 43 votes
7y
If you goal is to acquire many, have a real company and self manage, then move to Florida, you can turn that into 20 doors leveraged. Florida is the #1 state to invest in RE as 1,000 people a day move here. My rentals have many applications in less than 3 days and knowing what I know about RE, and I know much, I cannot move anywhere else. If you just want to make some side cash then find a small town about 2-3 hours away and hire a property mgr. That way you can still drive out on a Sunday to check on big rehabs and stuff. You could find a syndicator like Grant Cardone and go on a multi family deal and get great returns without disrupting your life. Keep us posted.
Rental Property Investor · Hamel, MN · Member since 2015 · 54 posts · 48 votes
7y
what are you comfortable with and what are your goals? If you won't be comfortable with being far away from your property, there's your answer. If you're looking to flip, you can get very large profits in your area, but you'll be hardpressed to find cashflow. Without sounding dismissive, there are a lot of other threads in BP that have similar questions, and you could read those responses for more perspective.
Real Estate Broker · Dunedin, FL · Member since 2015 · 74 posts · 43 votes
7y
If you goal is to acquire many, have a real company and self manage, then move to Florida, you can turn that into 20 doors leveraged. Florida is the #1 state to invest in RE as 1,000 people a day move here. My rentals have many applications in less than 3 days and knowing what I know about RE, and I know much, I cannot move anywhere else. If you just want to make some side cash then find a small town about 2-3 hours away and hire a property mgr. That way you can still drive out on a Sunday to check on big rehabs and stuff. You could find a syndicator like Grant Cardone and go on a multi family deal and get great returns without disrupting your life. Keep us posted.
Real Estate Broker · Carlsbad, CA · Member since 2017 · 70 posts · 63 votes
7y
@Derek York, I also live in Carlsbad, one of the most beautiful cities in the US. If you and your dad are first-time real estate investors, my advice would be to try and buy something near you. If you got the cash buy Carlsbad. If you have less cash, head east on the 78. Be patient on only buy if it’s a great deal, if it’s not pass. Learn the ropes of being a landlord. Being able to take a short drive to your investment if something breaks is a great peace of mind.
Rental Property Investor · Hamel, MN · Member since 2015 · 54 posts · 48 votes
7y
what are you comfortable with and what are your goals? If you won't be comfortable with being far away from your property, there's your answer. If you're looking to flip, you can get very large profits in your area, but you'll be hardpressed to find cashflow. Without sounding dismissive, there are a lot of other threads in BP that have similar questions, and you could read those responses for more perspective.