Brand new, need direction
I've been thinking about jumping into real estate for the past year and I've come to the conclusion that it's my time to jump. My problem is there's so many angles of entry that I don't know where to start.
Here's the details: I currently do not have a job (so I think that puts traditional financing out of reach),, but I have 100k in a 401k from a previous employer that I thought about moving to a self directed IRA to get started. I live in Los Angeles right now and can't afford this market so I'm unsure where I should go out of state. I thought about the Detroit market because property is so cheap that it seems like it's in my price range.
Any advice is appreciated. Thanks 😊
Most Popular Reply
Georgia and Ohio are great markets because the entry point is low and the market is hot in both locations. As hard money is concerned, you can use your 100k investment account as backing but you will still need 15%-20% down payment plus closing costs in cash in order to close on a deal. But honestly if you land in one of these smaller markets it's really not that much. You also could wholesale some deals to get you some start up cash, that way you wouldn't ever have to touch your nest egg.
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