Where to buy Austin vs Orlando?
Hey BP team, I have one STR and one LTR in Orlando, both have mortgage on it. I will be moving to Austin this month, so i am thinking to buy something there.
Intro: Started real estate investing 3 years ago in Orlando area, still a beginner.
Situation: I am an immigrant and planning to go back to my country soon once i reach a passive of 3000 and $20000 in emergency funds, i am at 1500+ now. As of COVID-19 STR are not doing well, it will be fine soon or later. cash in hand $120000. conventional mortgage access amount up to 250000. My mentor recommends not to have too many mortgages.
Looking for : Properties around 100000 with cash flow 1250+. Answers for this questions will help me to make better decision. Please help in expressing your perspective.
Questions: 1) Whether to buy in cash or use mortgage?
Pros: Using mortgage i can buy two and will be more profitable.
Cons: Having more mortgages risk of foreclosure will be more.
2) Whether to buy property in Orlando or Austin?
Orlando: I am familiar with Orlando and have people here who can take care once i am out of country. But the problem is situation like COVID-19 will impact Orlando badly as it is based on Hospitality / Tourism industry.
Austin: I do not want to put all money in one city, so i am thinking to buy in Austin. Orlando and Austin are both great place to invest as rental and job opportunities are increasing in both cities. As per this https://www.cnbc.com/2018/09/1...
3) Just keep cash in hand and invest back in my country?
Pros: I have no idea how things work in my country, so i have to do lot more research.
Cons: It is better to have something invested and taken care by myself.
Any help and guidance will be greatly appreciated.