I’m trying to fix my first deal, 23yrs old with great credit but no money, I have access to 50k in lines of credit. What would you do? I live in Northern California. I want to get into multi family but I need to “get my foot in the door”
You need to have the financial tools to make sure you're not getting over your head. In many places in CA, there's not enough meat on any deals - prices vs rents, are way out of wack compared to other areas. So, if you're not equipped to honestly look at that and just want to 'get in the game,' prepare to be disappointed, or worse, knocked on your butt! Unfortunately investing out of your area carries with it certain risks, especially if you're not well established/capitalized.
If I was in your shoes I'd focus on educating myself by reading books, attending events, and analyzing properties correctly. During that time I'd narrow down markets that makes sense financially at $50k. Getting started in northern California may not be the best idea.
Hey JC, at 23 years old, I'd say take the 50k and move to a state where you can house hack a 4plex. Now, the presumption here is that you've read REI books and listened to a ton of podcasts to ensure your success in this game.
This fundamental piece of the puzzle should not be skipped 🧩🧩