No, I am more interested in privately holding properties in IN and my hometown in AL.
That one is still a work in progress. Getting very close to pulling the trigger on my first property, though.
One of the more useful books I've come across is:
Bigger pockets has a good podcast on remote rentals by David Greene:
They recommended his book here:
https://smile.amazon.com/gp/product/0997584750/ref=ox_sc_act_title_2?smid=ATVPDKIKX0DER&psc=1
I'm investigating this as well because I live in a very high CoL area. There's not a ton of meat in the podcast, but the general statement from him was that if you have a good team, it doesn't really matter where you buy because you're not the one that's supposed to be doing the work and going to the house anyway.
That wasn't uninspired, you just took inspiration from old European manor homes! Hallways are for servants!
Seriously though, they were. The concept of connecting hallways was so servants could move unseen through the house and just appear where they were needed. No need for the nobs to see the peons. If you're interested, I highly suggest At Home, by Bill Bryson, a room-by-room historical perspective over the evolution of a western home.
This book answers all your questions:
Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties
https://www.amazon.com/dp/0997584750/ref=cm_sw_r_cp_apa_i_gDcoFbEEC2104
Also listen to the podcast which promotes the book: https://www.biggerpockets.com/blog/biggerpockets-podcast-257-how-to-become-long-distance-real-estate-investor-david-greene
"What every real estate investor needs to know about cash flow... And 36 other key financial measures" - Frank Gallinelli
https://www.amazon.com/Estate-Investor-Financial-Measures-Updated/dp/1259586189
It's a heavy read and not something to just breeze through. But he uses more real numbers and more scenarios. Very math focused.
I'm still working through some others but seems like there are so many that are more surface level and not a deep dive. But the book above is good.
Check out long distance real estate investing by David Greene. Same author as Buy, Rehab, Rent, Refinance, Repeat.
He breaks down the approach
Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties https://www.amazon.com/dp/0997584750/ref=cm_sw_r_cp_api_glt_fabc_61AFYVBV2FD90Y9Z5QY0
The Millionaire Real Estate Investor, https://www.amazon.ca/Millionaire-Real-Estate-Investor/dp/0071446370
If you are about the frugal life. You can find free pdf versions online
I based much of this on techniques described in this book:
https://www.amazon.com/Estate-Investor-Financial-Measures-Updated/dp/1259586189
Absolutely, I always tell people to begin with self educating yourself on how real estate investing works. Check out the following book: The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing (BiggerPockets Rental Kit, 2) https://www.amazon.com/dp/099071179X/ref=cm_sw_r_cp_api_glt_fabc_GZD29097867Z00TEHX4V
This is the best book to help understand every single RE metric:
What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures, Updated Edition https://www.amazon.com/dp/1259586189/ref=cm_sw_r_cp_api_glt_fabc_6DQ1SMC8ZRP3J7Z63D2N
There are risks in the stock market. There are risks in real estate. I don't think you said where you are going to invest. Each market is different. The real estate market prices have been going up for years as well as stocks. Are you thinking in a market where there is rent control? Is it possible there might some natural disaster to do damage to real estate? I like the idea of cashing enough stock to ensure that your properties are cash flow positive. You can always pay off loans with your stock later. If you cash out of stocks slowly it might be better tax wise as well. Read this book, it gives good metrics to compare properties.
Standard BP advice for something like this is a “house hacking” BRRR strategy. That means: buy a duplex, triplex, or quadplex in the city (so you avoid the suburbs you don’t like), rehab it to force equity, rent out the non-owner occupied units, refinance, and repeat.
This strategy is done all the time and it’s quite effective in that an owner-occupied multi-family property does not need to cash flow like an investment property does—it just needs to cash flow enough to cover PITI, and then basically you’re living rent free. It’s an awesome solution for young, single people, who would otherwise be living in an apartment. It allows you to deploy capital, force appreciation, drive cash flow, and pay down principal, all of which put money in your pocket.
Here’s a good book on the subject that is always highly recommended on BP:
Highly recommend this:
The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing (BiggerPockets Rental Kit (2)) https://www.amazon.com/dp/099071179X/ref=cm_sw_r_cp_api_glc_fabc_wh0aGbYXAW3F0
I have a team out there. A GC, an agent, and a fellow investor (who has basically stopped scaling). I vetted them and met them in person. I've usually got a good read on people and I determined I could trust them pretty far. Still, I cross check what they say with each other and I get pictures of work being done.
David Greene has a book about this process. https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750
There don’t seem to be any serious responses so far so I’ll take a stab at it. I’m certainly not any kind of authority but my wife and I own 5 rental properties across two states. As always the key is to buy it right going into it and research the hell out of your numbers. You should budget for repairs, capex, professional management, know your vacancy rate and how to budget for it, you should insure it expecting a hurricane and keep a lower deductible. If you can do that and the numbers still show a large enough profit then you might be successful.
I would avoid buying in 100% secondary markets (vacation only/tourism markets). Personally I would look at areas near the beach but also near a military base or larger city just to avoid a fall out. In a recession the secondary markets are the first to suffer. Also you need enough industry to support the rent.
I’m personally looking in Ft Walton beach. Close to Destin and Panama City but has two bases close so I can minimize off season vacancies. Ultimately I want to do a 2-4 unit property with less than 6 month leases and vacation rent it over the summer, at least with one of the units. That’s my plan anyway but it’s unproven.
I recommend BiggerPockets podcast, and all the books and for this situation I’d recommend this book.
Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties https://www.amazon.com/dp/0997584750/ref=cm_sw_r_cp_api_sYYLBbQPZR546
Zo simpel is het niet. Je kunt de betaalde huur niet vergelijken met de hypotheeklasten. In dit goede boek wordt dat alles uitgelegd: https://www.amazon.com/Wealthy-Renter-Choose-Housing-That/dp/145973646X
Sowieso kun je waarschijnlijk in de huidige markt veel meer huis krijgen voor 1500 aan huur, dan voor 1500 aan hypotheek laat staan totale lasten…
I'll be honest, I read this as if you're talking Military Veteran with plans to use the VA loan which is something I wish I knew more about before becoming a Realtor.
I would read The Millionaire Real Estate Investor by Gary Keller and Jay Papasan. Maybe start an L.L.C and start recording expenses, make your own property management company that grows with you rather than having to pay someone else. Then you could become the one others pay to manage their properties as well.
The causes of the crisis were multiple and you're completely failing to mention other causes.
Here is an article from the Wharton that disputes exactly what you said above regarding subprime and low income borrowers.
"According to Wachter, a key misperception about the housing crisis is that subprime borrowers were responsible for causing it. Instead, investors who took advantage of low mortgage finance rates played a big role in fueling the housing bubble, she pointed out. “There’s a false narrative here, which is that most of these loans went to lower-income folks. That’s not true. The investor part of the story is underemphasized, but it’s real.”
Source here: https://knowledge.wharton.upenn.edu/article/housing-bubble-real-causes/
Another good source here: https://www.amazon.com/All-Devils-Are-Here-Financial/dp/159184438X
I owned a house. OWNED it (i.e., no mortgage). Regular maintenance was a lot of work, and unexpected surprises (roof, appliances, furnaces etc.) costly. I sold, and my cost to rent is now less than my average monthly maintenance cost (including property taxes, utilities, insurance etc), AND the ROI from the proceeds of the sale more than cover my rent. Been doing it for about 7 years, plan on doing it the rest of my life. The Wealthy Renter is a great resource that really opened my eyes and saw what a waste of money owning and tying up all my capital was.
There’s a good book that goes into more detail about how to put it together so you don’t lose your ass. Rich Dad and the others are good for making people WANT to buy real estate, but they’re heavy on hype and light on specifics. It’s called What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measureshttps://www.amazon.com/dp/1259586189/ref=cm_sw_r_cp_api_i_P9216H910C5KST0AXSVM
Awesome I wish you the best.
In the meantime I highly recommend you check out this book. The Wealthy Renter This book has helped me speed up my FIRE journey. It’s from a Canadian perspective but can totally be applied to the USA (I’m assuming you live in the USA)
There’s nothing wrong with buying a place you can afford. You might be surprised how much money you could save renting in the long term. Cheers!
Nice find! He took over from David Lereah who published this piece of dogshit in 2005:
https://www.amazon.com/Are-Missing-Real-Estate-Boom/dp/0385514344
“Lereah calls today’s market a “once-in-every-other generation opportunity.” Today's boom is not just driven by low interest rates—there are a host of demographic and economic reasons why real estate will continue to outpace other investments, from the growing needs of the baby-boomer generation and the rise of the “echo” boomer generation to the new ways real estate is marketed and sold. “
Sound familiar?
Read this book The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing (BiggerPockets Rental Kit, 2) https://www.amazon.com/dp/099071179X/ref=cm_sw_r_cp_api_glt_i_ER4CHTD5VXF1QZ12ZPFA
Also appreciation > cash flow in long run
This is a good one The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing (BiggerPockets Rental Kit, 2) https://www.amazon.com/dp/099071179X/ref=cm_sw_r_cp_api_glt_i_BKXCJ48PN1579FRDMZXC
This book will tell you how it’s done. Good read even for those in the game: https://www.amazon.com/Millionaire-Real-Estate-Investor/dp/0071446370/ref=nodl_
Also I found a copy in my local library through the Libby app and read the ebook there. Too long to condense into a Reddit response. Don’t settle for Reddit quips.
https://www.amazon.ca/Wealthy-Renter-Choose-Housing-That/dp/145973646X is a good book and in the Canadian market. I'm not going to buy anything on these prices, it's much cheaper and less risky to rent. Even having the money.
There's pros and cons of each.
Personally I think the biggest factor is actually not a financial one, but rather what type of lifestyle you want.
Renting offers more flexibility, less headache of dealing with potentially costly issues, money not tied up in real estate.
Owning offers the free of having your own place to do what you want (though somewhat limited if you live in strata), equity, some degree of ensuring your cost of living doesn't go up as much (like rent), etc.
I'm more of a pro owning guy, like most of PFC, but there are arguments to be made on both sides. Many do choose to be lifelong renters by choice. See this book: https://www.amazon.ca/Wealthy-Renter-Choose-Housing-That/dp/145973646X
More facts, less semi-"fictionalized" drama. 👍
If you want to read a book that delves into the details, then read this:
All the Devils Are Here: The Hidden History of the Financial Crisis https://www.amazon.com/dp/159184438X/ref=cm_sw_r_apan_glt_fabc_4R3BVY7F4PSD8VA5F5DQ
Hey don't feel scared - you are way ahead of a ton of people. I would rationalize a couple things and make a life plan/budget?
1) why do you want a house? You should read the wealthy renter. Its this great book written by a Canadian real estate economist who breaks down the market in each city and also explains the pro's and cons of renting vs buying. And the Canadian mentality. https://www.amazon.ca/Wealthy-Renter-Choose-Housing-That/dp/145973646X
2) Do the yearly breakdown for your financial goals. Like given where you are now at what point do you want to buy a house or have a certain amount invested? And understand that due to rise of cost of living and also housing prices that it may be difficult to buy a home especially on a single salary. So know that some of this, is out of your control. Like for example, a double income, no kids couple are obviously at an advantage but maybe you want kids and a house.
3) know that you are going to change, and your financial goals are going to change. Maybe in now you really want a house, but in 3 years your really want to travel or in 5 years its more important for you to live closer to family?
Just make sure you got that Emergency Fund, kill high interest debt, and follow the instructions of the about section of this subreddit first and the rationalize/plan your worries.