Moving 1,500 Miles Away to Buy His First Rental with Just $25,000

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 21 October 2024

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

Your first rental property is out there; it just may not be where you live. Austin Wolff came to this conclusion quickly. After paying his “cheap” rent of $1,600 per month for a small place in Los Angeles, he knew he needed to start saving up the money to buy his first investment property if he was ever going to afford to live in Southern California full-time. So, he began compiling a list of America’s most affordable, growing real estate markets. He found what he believed to be the best bet, packed up his bags, and moved 1,500 miles away to get the deal done. He left behind his friends, girlfriend (don’t worry, they’re just doing long-distance now), and filmmaking passion temporarily to do what he felt was best to build wealth. What was the real estate market so good he couldn’t let it pass him by? How did he get into his first property with just five percent down and only $25,000 in cash? And why does he believe NOW is the time to buy? Stick around to hear why this real estate-focused data scientist made such a radical move in the name of financial freedom and exactly how he analyzes markets and rental properties to see whether they’re worth the effort. In This Episode We Cover: Moving 1,500 miles away to “house hack” in a much cheaper market Ranking the top affordable, growing real estate markets in the country How to get into your first investment property for just five percent down! Conventional vs. FHA loans and what Austin thinks is the better option for rookies Austin’s deal analysis formula that will get you more accurate cash flow estimates Serious advice for rookies and why waiting on the sidelines could cost you And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group BiggerPockets Deal Finder BiggerPockets Lender Finder Find Your Perfect Market with “BiggerPockets Market Finder” Grab “The House Hacking Strategy” Book Find an Investor-Friendly Agent in Your Area The 10 Best Markets for Your First House Hack Connect with Austin (00:00) Intro (01:01) Film Director to Data Scientist (03:56) Ranking the BEST Markets (09:41) Saving Money EVEN in LA (12:32) Moving 1,500 Miles for First Deal (20:59) Financing, Rent, and Management (25:32) Future Goals and Next Steps (28:35) Advice for Rookies Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-473 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Many BiggerPockets employees are also investors, but today we're joined by an employee who
0:05.6	purchased his first investment property after working here for less than six months.
0:11.2	He's a true rookie, and he's already picked up in valuable lessons that all of us can learn from.
0:15.8	Whether you're new to investing or looking for that push to finally get started, this episode is
0:21.1	packed with takeaways for everyone.
0:23.0	This is the Real Estate Rookie Podcast.
0:25.0	I'm Ashley Kerr and I'm here with Tony J Robinson.
0:29.0	And welcome to the podcast where every week, three times a week,
0:32.0	we bring you the inspiration, motivation and
0:34.7	stories you need to hear to kick out your investing journey and I'm super excited to welcome
0:39.0	none other than Austin Wolf to the Real Estate Ricky podcast.
0:42.2	Austin, how you doing, brother?
0:43.2	Good, I'm so happy to be here.
0:44.5	Thanks for having me.
0:45.4	Dude, excited to get into the story, man.
0:47.3	Now, a few things we're going to discuss,
0:49.6	how to select an out-of-state market,
0:52.1	how to analyze your first deal as a true rookie, and how maybe
0:56.5	relocating for a house hack might be one of the best ways to get started in real estate investing.
1:00.4	So let's jump in with Austin.
1:01.8	Austin, tell us a little bit about your life. So let's jump in with Austin. Austin, tell us a little bit about your life.
1:04.4	So you were working at bigger pockets.
	...

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