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Old 07-23-2017, 08:48 PM
 
3,352 posts, read 1,561,959 times
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I'm 25 with assets of approximately 155k and an income nearing 60k. Because I live in the Bay area area this relegates me to poverty. Is it possible I could use a small amount of money such as 40k as a downpayment to. It a multifamily unit and get off the bottom of the ownership food chain?

 
Old 07-24-2017, 06:18 AM
 
Location: Small town Tennessee
16,177 posts, read 11,048,253 times
Reputation: 17178
First off, why specifically Tennessee? Is it just because it's "cheap?" What do you know about being a landlord?

Yes, you could find a duplex or something for $200k or so, and live in one half and rent the other out. That would probably be most doable in Knoxville, Cookeville, or Chattanooga, but you need to get a job for yourself first.

If you found a job, that would dictate where you would go and you could work from there.
 
Old 07-24-2017, 06:33 AM
 
11 posts, read 73,951 times
Reputation: 35
He posted the same ad in many other places and he's not leaving his cushy job behind. To OP, no matter where you end up investing, it's better to have local connections to guide you through the process and buy properties in the right areas. Good luck.
 
Old 07-26-2017, 03:13 PM
 
Location: Atlanta, GA
13,928 posts, read 24,781,682 times
Reputation: 16351
Quote:
Originally Posted by Perma Bear View Post
I'm 25 with assets of approximately 155k and an income nearing 60k. Because I live in the Bay area area this relegates me to poverty. Is it possible I could use a small amount of money such as 40k as a downpayment to. It a multifamily unit and get off the bottom of the ownership food chain?
You've posted this in multiple state forums. I suggest that you first read the forums and then come back and ask other questions then. The answer the the questions you ask are here.
 
Old 07-31-2017, 03:14 PM
 
Location: Mount Airy, Maryland
6,607 posts, read 3,651,387 times
Reputation: 9051
Would you retain your job when you moved? Or would you be looking for one at a similar salary?
 
Old 07-31-2017, 04:31 PM
 
2,617 posts, read 2,129,827 times
Reputation: 3465
Quote:
Originally Posted by Perma Bear View Post
I'm 25 with assets of approximately 155k and an income nearing 60k. Because I live in the Bay area area this relegates me to poverty. Is it possible I could use a small amount of money such as 40k as a downpayment to. It a multifamily unit and get off the bottom of the ownership food chain?
I lived right in SF for a long time at that salary level and was not living in poverty.


You do know that if you move, you'd likely not make the same salary.
 
Old 07-31-2017, 07:17 PM
 
3,352 posts, read 1,561,959 times
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Quote:
Originally Posted by N.Cal View Post
I lived right in SF for a long time at that salary level and was not living in poverty.


You do know that if you move, you'd likely not make the same salary.
My pay is flat no matter where I live. Regardless I only plan on renting it while living here.
 
Old 07-31-2017, 07:21 PM
 
Location: North State (California)
1,851 posts, read 410,725 times
Reputation: 2382
Put your money where your mouth is. Stop pontificating about your assets & do something. I have read several thread you have started in the same vein, many would consider it spam.
 
Old 07-31-2017, 08:07 PM
 
3,352 posts, read 1,561,959 times
Reputation: 1828
Quote:
Originally Posted by evening sun View Post
Put your money where your mouth is. Stop pontificating about your assets & do something. I have read several thread you have started in the same vein, many would consider it spam.
Just asking for advice on cities to look at where I could get a duplex.
 
Old 08-01-2017, 09:38 AM
 
Location: Cumberland Co., TN
16,998 posts, read 18,151,978 times
Reputation: 18271
Quote:
Originally Posted by Perma Bear View Post
Just asking for advice on cities to look at where I could get a duplex.
I would think you could go to any major city in the US and rent a duplex.
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