need help with rental property
Hello everyone.
Thank you for taking the time to read my post.
I am currently planning to purchase a rental property and I would like some suggestions on location based on my goals and the amount of money that I can use.
I would like to generate good monthly cash flow in a low risk area with good capital growth, with working families and young professionals as tenants. I have about 70-100k cash that I can use and got a pre approval for 200k ,based on the parameters given to the home loan officer. I would prefer not to take on a dept of more than 150k.
My current search has taken me to Orlando FL, in and around the lake nona area. A property purchased here would net me about 200-300 a month, which includes hoa, mortgage, property management, taxes, insurance. This is not factoring any vacancies or repairs. The property themselves are in the 150-200k range. Or, 5% roi if the property is paid in full.
I was hoping to generate more cash flow with the amount that I have but not sure where to begin my search. I am not looking to take big risks but to invest in a safe area.
I was hoping to get some feed back on this forum with my current plan, some other possible locations, or any other ideas on how to invest. Your feed back is very much appreciated.
Thank you for your time.