50k saved up, looking to invest, need help!
Hi All!
My husband an I have about 50k saved up and are ready to finally take the first step in investing in real estate. We live in Los Angeles where market is so high. So we're looking to possibly invest out of state. I'm interested in multifamily/multi unit property. We have family in Missouri, Hawaii, and San Juan PR who could assist with property managing. Not sure what the market is like in either areas. Is 50k even enough to invest? Any advice would be appreciated!
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#2 Out of State Investing Contributor
- Flipper/Rehabber
- Pittsburgh
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#2 Out of State Investing Contributor
- Flipper/Rehabber
- Pittsburgh
i tend to be against first time investors spending every penny of what they have to buy a random property thousands of miles away. missouri would be a potentially lower cost market in which your family (if they are truly up for assisting) could be an advantage for you.
i would strongly encourage you to go there in person and not just try to buy something by pushing internet buttons. and do the math. say you find something nice that you spend your entire 50K on and it cash flows $100 a month. now what? you got a deal - great. but what's the next step? and what's $1200 a year going to do for you?
something else to at least consider - could you house hack in a suburb or exurb of LA and still maintain your lifestyle? maybe you can, maybe you can't. but something to at least spend some real time and effort on before you give up.
hope this helps