- This topic is empty.
-
AuthorPosts
-
USER
Hi all, I’m 26, w2 job, and seeking for some advice.
I have 70k saved in HYSA and looking to make better returns with my money.
I know some say if they could redo it, they’d buy a multi family using an FHA and start their RE portfolio that way. But since my family has little to no investing experience, it’s hard to take that step without some guidance and they all say that it’s easier said than done, discouraging me from relying on “that.”
I’m at a point where I fear that I won’t be able to afford said property any time soon and on my own so now my focus has shifted. I found a property in the Houston area for 200k (something I can comfortably afford and is currently lower than my rent now) that I intend to rent out to professionals/students and net $400-600 monthly as I start my RE portfolio.
Is this a good financial decision or are there better ways to grow my money and especially during this time with high interest rates, etc.
Any advice is appreciated as I would love to learn from you all.
ShengdaMax your Roth IRA, 401k, and HSA if you qualify. Then fill up your emergency fund bucket (3-6months living expenses), then anything extra is for investing. I would go the multifamily primary residence route, but make sure you are cash flow positive. Hard to find a good deal these days.
AlanSemi retired financial advisor and property owner here- You can use fha for a 1-4 unit. If you want to get into real estate investing and can handle the tenants, this is a good route as long as the location is decent and the rent covers your mortgage.
You should live rent free.
MarkHuge Realestate fan here, get involved in your local meetup groups, talk to CPA, lawyers cause you will need them both, 10 years of properties you will be retired maybe less or more but at 26 who’s counting.
PaulYou can leverage REITs since you’re not Real Estate savvy the experts can handle for you using a REITs company and make you passive returns on it.
-
AuthorPosts
Related Topics:
- Why keep money in a HYSA instead of investing for better returns?
- My husband and I should be done with Baby Step 2 next month
- 33, 130k income, 0 debt, best investment options?
- How should we grow our assets: invest $75k or pay down rental property?
- I would want to invest once all of our debt and savings is taken care of
- How should a beginner start investing after securing an emergency fund?
No related posts.