So I'm new to investing. My goal is to buy two cash-flow-focused multi-family properties by the end of the year with the savings I've got in whichever state makes the most sense for me. However, I'm traveling abroad for at least the next six months.
How would you spend that time?
- Learning? Analyzing markets, getting a solid picture of what numbers could be in certain areas, learning how to do rehabs & repairs, etc
- Networking? Regularly calling agents, property managers, potential partners, etc.
- NOT waiting? Just get my first deal done already.
I see some pros and cons to the time
- Pros: time to learn before jumping in and losing all my money in a bad deal, they say its best to buy in the winter anyway, its still a sellers market right now
- Cons: "forced" analysis paralysis, no US REIAs where I am / networking in person, any deal I do now I'll be 100% remote which is intimidating for a newbie.
What are your thoughts?
@Andre Crabb Networking and researching markets you want to buy in will be the best use of your time. If you're planning to invest out of the area, you may want to get in touch with @Ali Boone . She's done it and may have some good tips for you. Having a reliable team will be very important if you plan on investing remotely. Good luck!
@Rachel H. That's what I've been doing so far! Funny, I got in touch with Ali at the beginning of my search and have read many of her posts. 👍
Study and learn. Study strategy first then markets then deals so when you are ready you will know exactly what you are looking for
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