Updated 8 months ago on . Most recent reply
First Time Out of State Investor Looking for a Game Plan
Hey guys! Newbie here on BP. I have a goal to buy my first real estate investment in 2025. I live in CA. My goal is for investing to grow my wealth and maybe replace my W2 in the future. For my first investment, I'm looking for a safer investment with a goal to at least break even in 12 months and possibly focus on learning long term cash flow and appreciation. I plan on purchasing the home with an LLC and want to use a DSCR loan. Currently, the areas that have interested me are Memphis/Nashville/Knoxville, TN, the Colorado Springs area in Denver, as well as North Carolina. I feel like I've missed the boat with Austin, Tx for the 1% rule. My budget for my first property would be somewhere from 50-80k as a down payment. Can some please help me with a game plan of where to start? I'd deeply appreciate it.
Most Popular Reply
In Colorado Springs you would want to get into the $400k range to get anything in a somewhat descent area. With a DSCR that would be Over $100k needed not to mention you may need to do repairs. LTRs rarely work here but you can probably break even.
Co-living is a good bet here since we have a large military presence of young guys living off base.
Finding something you fix up is also a possibility but for a first deal I would not recommend.
- Tanner Pile
