Hey everyone! So, I’ve been a silent observer for quite some time now. I’ve been saving up diligently over the past three years, and I’ve got over $200k tucked away. Yep, I do OF (that’s “only fans,” if you’re wondering) before you even ask. I’ve been eyeing real estate as an investment opportunity since my income started looking up. And now, I’m ready to make my money work for me. Oh, by the way, I’m 28, in case you were curious.
I’ve managed to save up a good amount, but I’m not too keen on splurging it all at once. I have my money spread out between retirement funds, the S&P, a bit of crypto, and a chunk in my High-Yield Savings Account (HYSA) for quick access when needed. However, I’m a bit stressed about the whole down payment thing. I live in Florida, where even the not-so-great homes start at $500k. Spending over $100k on my first property is daunting, to say the least. I’d prefer something under $50k, but that’s like finding a needle in a haystack around here.
I’ve heard about house hacking, where you live in one part of a multi-unit property and rent out the rest. It’s a smart move financially, but with a family in tow, the idea of uprooting everyone annually doesn’t sit well with me. My kiddo needs stability, and moving around constantly like I did as a child doesn’t sound appealing at all. We just settled into our current rental six months ago, and I’m itching to buy something within the next two months. It’s not as easy as just moving into a property for us; it involves a lot of adjustments and disruptions.
I’ve considered looking for private lenders or private equity options to ease the financial burden, but I’m not sure where to start, especially here in South Florida. Attending real estate investing groups seems like a good idea to network and gather information. I’ve even thought about buying out of state, with Tennessee being my top choice due to family ties and affordability. Cash flow potential seems promising there and here in Florida, so it’s just a matter of finding the right deal.
I know some of you might think I’m overthinking things, but for me, this is a big decision. It’s my first real estate deal, and the fear of