Hey everyone, just found the Podcast and glad you're all out here! My number one goal for 2018 was creating a financial plan for my fiancee and I to support our early retirement goals, and that led me to real estate. Through a number of books and podcasts, I became convinced that buy and hold real estate is the best way to go for my financial freedom goals and I have been trying to learn as much as possible over the last 3 months. I feel like I need to make the leap now and purchase, but something keeps holding me back.
A little about me: My fiancee and I are both traveling Physical Therapists. For those outside of the medical field that may or may not have any idea that these positions exist, we live in a 5th wheel and travel from area to area every 3-6 months. Currently we work about 9 months per year, and that is our plan for the next decade. We live fairly frugally, and traveling provides good pay, well I define it as good at least, so we have substantial income left over for investments. But, this type of work means I don't have a local area to invest in currently, and probably wont for the next decade at least. Obviously I will be using a property management company no matter where we go.
So, I think my main struggle is freedom of location opens up the whole country, which multiplies the analysis paralysis effect and makes me less confident in choosing the right area. If you were starting today, and lived my nomadic lifestyle, how would you approach real estate investments?
Thank you in advance!
If I were you I’d go to the nearest college to where you are currently and make contact with a few college students who don’t live in dorms and ask them if they’d give you the number to their landlord.
Target college towns when buying fix and flip or fix and rent properties and buy within 10 minutes of campus. You can use the HomeSnap App to do this easily.
If you want to fix and flip:
sell to Investors who like to rent to students because usually they’re not picky on how nice it is therefore you don’t have to make the place look perfect, instead just make it decent before you sell it to this investor.
You may make less money this way on the flip but it has the potential to be quicker money and you’ll make some connections with people who will always know that property best cause they live there and it frees you up to be a traveling PT.
If you want to fix and rent:
Use Homesnap app to find run down properties near campus then fix and rent to students. You can hand out your card at school owned restaurants then you won’t have to meet any standards the school may have while at the same time being able to still advertise to students
That’s my 2 cents. I hope you’re successful in your endeavors.
Personally I’m looking for investers to invest in my fix & flips and fix & rents around college towns. I’ve actually found a few good properties already in a college town I’m familiar with and I know a realtor who’s a friend of mine in another college town.. just need some capital to start.
If you have any tips let me know.
Does anyone have experience in college rentals? I sublet 2 rooms in grad school, but I also saw some friends in undergrad who destroyed their places so I would be a little hesitant to go right into that market. Are repairs typically more expensive? I also went to undergraduate in PA and grad school in AZ, and in both locations large apartment complexes were being built, and the local landlords couldn't compete in one location because of over development by the large corporations.
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