Hello Everyone, really looking for advice on what our next move should be to start our real estate investing journey.
We currently live in a 3bed 2bath home with a $1500 mortgage. Looking to purchase a second home as our primary so we only need to put 5% down. We then will start renting our our current home for around $2k/month.
We have 50k for a down payment but not sure if purchasing a second home in the Portland/Vancouver market is smart due to how inflated the homes are. But we also don’t want to sit on cash for to long.
How would you invest 50k and you lived in a current home that would cash flow if rented?
All advice would be highly appreciated:)
That I guess will depend on the market you are in, or are willing to invest in. For me, I would take that 50k and buy a 3-4 unit building in my county and cash flow after all expenses and reserves about $1,000.00 per month. For you im not sure exactly what 50k will get you in your area. Are you willing to invest out of state ? if so you can look for value add opportunities anywhere. I also try not to buy for appreciation because cash flow is what puts food on the table. You could attempt a flip with financing if you have the knowledge and contacts to do so. Use that to continue to grow your nest egg towards a bigger acquisition.
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