New Investor - looking for advice

New Investor - looking for advice

Member since 2024 · 12 posts · 14 votes

First of all, allow me to say that BP is amazing! I am really surprised how many people are willing to share their wisdom and knowledge! Thank you all for that!

My husband and I are new investors. We have been thinking about this for a long time, but finally decided to pull the trigger. My BIG dream is to build a portfolio big enough so that we can replace our current income and retire comfortably (dream big they say, right ;)?) I am hoping for cash flow, equity, appreciation and tax benefits. Is it really possible with current prices and mortgage rates?

I have been doing research on BP and other places for a couple of months now and decided that buy and hold long-term rental BRRRR strategy will be best for us. I am open to other ideas, except house-hacking, which we would rather not do. Is BRRRR a good decision?

We live in South Florida, which is not the best area to implement this strategy, therefore I am considering out-of-state investing. I am torn between 3 locations: Jacksonville, FL (it's still FL and a drive/quick flight away), Baltimore, MD (we used to live in MD and it's familiar), Midwest: Columbus, Detroit, ??? (I have no clue, have never been there, but everyone is raving about it nowadays :)). Did I miss any other great areas to invest in?

Any advice will be highly appreciated :) Also would love to hear opinions on where newbies invest successfully nowadays and what strategies do they use?

6Reply
136 views

Most Popular Reply

Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
2y

@Account Closed

welcome.  a few reactions.  and questions.

-are you going to meetups?  go to all the meetups.  find them and go to them.  alternate with your husband or go together.  go to the local ones.  go to ones an hour or two away.  go to the pitch-y ones and don't buy anything.

-can you house hack?  not everyone can, or wants to.  but it's a great way to get started.  a variation is a live in flip.  have you considered either of these?

-BRRRR is great. it's also really, really, tough. As @Russell Brazil mentioned: it takes cash!  and: it's not a cash flow strategy right now.  it's an equity strategy.  if you do it right you'll get all your cash back... and no cash flow.  rates are too high.

 -i'd start local.  there is no substitute for being hands-on.  go an hour or two out if your immediate market is too expensive.  sounds like you might be able to be hands on in Jacksonville.  great.  explore there.

hope this helps  

See this reply in the discussion

56 Replies

Jump to latestLatest
  • James WachobBusiness Member
    Real Estate Broker · Memphis, TN · Member since 2015 · 1k+ posts · 888 votes
    2y

    Build relationships with local real estate agents, investors, and property managers. I'd love to be your contact in Memphis, TN. 

Join the conversationCreate a free account to reply, vote on answers and follow this thread.