Hello! Over the past year I've been trying to implement some of the strategies I've encountered in TMF and Unscripted . I'm currently working on a business that I'm pretty happy with, whilst working my decent paying job as a software developer. I'm approaching the point where I'd like to start investing in real estate but I find myself in the unfortunate circumstances of being amidst a brutal Colorado market, where multi family homes are simply outside of my price range (<$500k). I'm curious if anybody has advice on investing in an expensive market.
For reference, I have about 60k to invest, awesome credit, no debt, and make about $100k. I'm not necessarily looking to FHA and live in the place, although that is an option if I find that it's beneficial (which would likely only be the case in multifamily homes).
1. Single family homes seem impossible to generate positive cash flow if you FHA, even with renting out the rooms you don't live in.
2. I've read that single family homes are hard to get positive cashflow even with a conventional loan
3. Multifamily homes are crazy expensive (probably $600k for a duplex) and seem tough to get positive cashflow unless you find a cheap 4plex (would have to be with FHA for me).
Given the above criteria, it seems like investing the money I have elsewhere might be preferable - (I've invested in my business, and don't think that more capital into it will necessarily be beneficial at this point) but I'd be curious to hear thoughts on if I'm approaching this in the wrong manner. Perhaps investing out of state is an option? Anyone else running into similar issues? Thanks in advance for any insight.
For reference, I have about 60k to invest, awesome credit, no debt, and make about $100k. I'm not necessarily looking to FHA and live in the place, although that is an option if I find that it's beneficial (which would likely only be the case in multifamily homes).
1. Single family homes seem impossible to generate positive cash flow if you FHA, even with renting out the rooms you don't live in.
2. I've read that single family homes are hard to get positive cashflow even with a conventional loan
3. Multifamily homes are crazy expensive (probably $600k for a duplex) and seem tough to get positive cashflow unless you find a cheap 4plex (would have to be with FHA for me).
Given the above criteria, it seems like investing the money I have elsewhere might be preferable - (I've invested in my business, and don't think that more capital into it will necessarily be beneficial at this point) but I'd be curious to hear thoughts on if I'm approaching this in the wrong manner. Perhaps investing out of state is an option? Anyone else running into similar issues? Thanks in advance for any insight.
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