Hello BP friends!
I am from the St. Louis area and have recently moved across the country, right as my REI "career" is getting started, with plans to move back to my most well known market in about 3 years. I've been reading (bp forums), listening (to the podcast) and researching since I've moved away and I'm *beyond* eager to get started. HOWEVER. Being that I'm so far away from my target market, what do YOU think my best course of action is?
A) Strategize while I wait to get back to the market I know best so that when I get back I'm well-prepared to jump in with both feet and hit the ground running (insert your favorite cliche' here).
B) Act now so that I have a head start for when I move back
-Part B to the... Part B: if I act now, being away from the market I know best, what is the best course of action to take as an investor? If I were there, I would either be doing the BRRRR/live-in flip strategy or maybe even wholesale.
Thanks in advance! Happy investing!
Using the carpenter's rule: Measure twice and cut just once.
There's no merit badges for blind, ill considered action. Depending upon the REI path you choose, where you live and will invest, REI can be an expensive learning curve.
"Walk softly & carry a BIG stick".
@Jeff B. Good rule that I follow quite often. I just feel stuck in analysis paralysis right now. I obviously don't know everything, but I feel like I know enough to get started on what would be technically my second rental property, but my first one purchased with the sole purpose of being a rental.
C) act now in the market you are in, with shorter term strategies like Wholesaling or rehab and flip.
@Ned Carey that is definitely an option. I've looked at the market that I'm in and short term would be the only strategy I would feel comfortable using here. The market here is poor and declining, so hard to get any sort of appreciation, as far as I can tell from the little research I've done.
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