Hi Bigger Pockets Community,
I'm Elizabeth from San Jose - married with two school-age kids. Totally non-original story...my husband and I both work full time (I'm a teacher) and we're interested in real estate investing. We're not really diversified with most of our investments tied up in retirement plans. Our primary residence has a considerable about of equity (Apparently that's true because I completed a HELOC pre-qual form online and immediately after I hit 'submit' my phone was ringing with loan offers and it hasn't stopped for the last 12 hours). We also have some cash available and we'd considering using some as a down payment or towards another form of real estate investment. I'm in the information gathering stage and considering multiple forms of investing - income rentals, REITs, and even crowdfunding (like Fundrise). Right now I'm feeling overwhelmed, excited, nervous, and impatient. That probably sounds familiar to most of you. I'm looking forward to meeting and learning from this community. Thanks for reading.
Hello! I am also new to investing out of state! My husband and I got a HELOC on our house here in San Jose and have been investing out of state. The hardest thing is the first property!! Then after that it gets easier. Here are some newbie tips from a newbie! ;)
-Get a great mentor
-read a lot / listen to podcasts
-do research on different areas
-call around and talk to different real estate agents and property management companies in different areas to get some more info
-assemble a great team! (For an out of state investor like me this includes - real estate agent, lender, and property management company.)
-make sure you have your numbers down (when evaluating cash flow and be super conservative)
-nail down location and figure out if you want to do buy and hold/ flip / etc. multi family vs single family etc
Good luck!!! :)
@Elizabeth Yoshida Hi and welcome to the BP community. That is pretty funny about hitting submit and getting those calls, except now you be wondering why you ever hit that button. Sounds like for at least part of your REI you are considering some very passive investments. I have written an article here on BP that you might find a useful read about Three Key Routes for Passive Real Estate Investing
In any case all best in your REI travels, whichever paths you take.
So nice of you to respond! It's reassuring to hear that owning rental property out of state is do-able and that acquiring that first property is the hardest. I definitely feel like that's a big hurdle to get over! I'm currently doing all that you suggested - listening to the BP podcast and reading REI books and articles. I've also considered finding a mentor, since there are so many laws/tax/business details that I know nothing about. That's one of the next steps.
I don't think you're a newbie if you already have properties! You're on your way!
@Larry Fried Thanks for your response. The phone is still ringing. I guess that's a good thing!
I will definitely read your article. I appreciate all the advice I can find. This information gathering stage can feel overwhelming when I think about the details (about the various strategies) I need to understand. But, I'm willing to learn! Thanks again.
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