2-8 Unit Buy & Hold
Ladies and Gentlemen,
I've read several books now on Real Estate Investing, including the "BiggerPockets Ultimate Beginner's Guide" (which, is a great read by the way). Now that I've got a little knowledge under my belt, I'm almost ready to take that first step and start looking at properties. I'm currently in the military and forward-deployed on a ship, so I won't be back for a couple more months... and in the meantime I'm trying to get as much done on the internet as I possibly can. My goal is to buy a 2-8 unit apartment complex before March 2016, hold onto to it, have a property manager manage the properties (since I don't have the time due to my busy work schedule), and collect the rent.
Here is why I am posting today, and this is my dilemma. I live in Camp Pendleton, California... Right outside of Oceanside (San Diego area). Obviously, being in the military I don't make that much money- which brings me to my first problem... Southern California is EXTREMELY expensive, as many of you I'm sure are well aware. Now I've been reading a few forums and posts on Bigger Pockets, saying that you don't need to put money down in order to get into real estate- but isn't this extremely risky?
Also, since I won't be living in California for more than a few more years- is it wise for me to buy here? Do you guys think it would be more in my interest to look at booming markets that are more affordable, like Raleigh NC? I was also thinking about Florida because I realistically see myself going to school there if I decide to get out.
Anyways, I know this is all a lot of a questions and I'm sorry if it seems like I'm bouncing all over the place. Bottom line is I really want to get into the real estate business, and eventually accumulate several properties that I buy, hold, and rent out for the long-term... but am having trouble on deciding where to start buying since I don't have more than 10,000$ and I'm constantly gone due to the nature of my job.
Thank you all