Buying His First Rental with JUST $25K in This Underrated Market

Buying His First Rental with JUST $25K in This Underrated Market

Episode #473

Find Your Perfect Market with “BiggerPockets Market Finder”:
https://www.biggerpockets.com/markets

Episode Show Notes: https://link.chtbl.com/Rookie

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The 10 Best Markets for Your First House Hack:
https://www.biggerpockets.com/blog/best-markets-for-first-house-hack?utm_source=youtube&utm_medium=description&utm_campaign=none

Connect with Austin:
https://www.biggerpockets.com/users/austinw187?utm_source=youtube&utm_medium=description&utm_campaign=none

Connect with Ashley and Tony:
Ashley: https://www.biggerpockets.com/users/echopm?utm_source=youtube&utm_medium=description&utm_campaign=none
Tony: https://www.biggerpockets.com/users/tonyr75?utm_source=youtube&utm_medium=description&utm_campaign=none

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.

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


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