New to real estate with 70 K to start. Suggestions?

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New to real estate with 70 K to start. Suggestions?

Christin Dorfling
Member since 2025 · 3 posts · 0 votes

Im North of Phoenix South of Flagstaff. Do I need to choose a location close to home or farther away? Do I wait to get more cash? Go with auctions? I have preaproval for a 250K loan now. Houses are mostly at least 450K in the area.

Thanks for any insight!

Christin 

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Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
1y

@Christin Dorfling can you start with a house hack?

i would not start with an auction.  i would also not start far away / OOS.

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  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    1y

    @Christin Dorfling can you start with a house hack?

    i would not start with an auction.  i would also not start far away / OOS.

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  • Christin Dorfling
    OP
    Member since 2025 · 3 posts · 0 votes
    1y

    Thanks ! 

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  • Christin Dorfling
    OP
    Member since 2025 · 3 posts · 0 votes
    1y

    what about starting with houses an hour and a half away? Is that too far?

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  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    1y

    @Christin Dorfling it's not if you're willing to go there as needed at least to get started - build a network, go to meetups, walk properties, meet people, etc..  

    i've managed both OOS and in-person and both can be a pain but OOS is just harder for most new investors, period.

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  • Logan Lambert
    Lender · Kingsville, MD · Member since 2023 · 103 posts · 35 votes
    1y
    Quote from @Christin Dorfling:

    Im North of Phoenix South of Flagstaff. Do I need to choose a location close to home or farther away? Do I wait to get more cash? Go with auctions? I have preaproval for a 250K loan now. Houses are mostly at least 450K in the area.

    Thanks for any insight!

    Christin 


     Hey Christin, great questions here. I would stay local for sure but curious how you are looking to invest. Are you buying turnkey properties or ones that are distressed and need rehabbed?

    0Reply
  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    1y
    Quote from @Christin Dorfling:

    Im North of Phoenix South of Flagstaff. Do I need to choose a location close to home or farther away? Do I wait to get more cash? Go with auctions? I have preaproval for a 250K loan now. Houses are mostly at least 450K in the area.

    Thanks for any insight!

    Christin 


     So far, you are asking a question that is tough to answer with any detail.  Why don't you share a bit more about where you are in the process, what you know about investing in real estate, what your goals are - short and long-term, and tell us a bit more about why you are asking your question here on BP?

    It helps readers a lot by providing context, and those of us who have some time in the market can look back into our histories and give you some advice.  Right now, any answer is just preference without being able to go deeper and really give you quality advice.

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  • Taz Zettergren
    Real Estate Agent · Memphis, TN · Member since 2019 · 365 posts · 264 votes
    1y

    @Christin Dorfling welcome to the forums! If this is your first real estate purchase I would stay away from auctions, there's too much risk involved especially with where price points are in your market. I agree with where Nicholas is going, first, if it's feasible I'd recommend house hacking some type of multi family or even a single family that's local to you. 

    If that's not an option then it depends on what kind of investor you want to be. Do you want to be an active investor, building those systems and teams while traveling to do so or would you prefer something more passive? Essentially it comes down to how much time and effort you're willing to spend building the model. If you're willing to travel and hour and a half and be hands on then you'll most likely accrue more equity in your deal when you have a successful renovation but you're trading your time. If you don't have the time and effort to spend there are passive ways to invest through turnkey providers who do all the work for you. Of course there's a premium you pay but the convenience can be unmatched when you have the right partner. 

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  • Linda LabbePro Member
    Investor · North Bay, Ontario · Member since 2015 · 709 posts · 262 votes
    1y

    Detroit/Flint are gives great return in good neighbourhoods if one has the right team on the ground, More then willing to share why we are investing there and how we do it safely

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