Right Path?
Hi everyone. Thank you to those who have reached out with welcoming words and encouraging me to pursue this venture. I'm excited, nervous, scared, motivated all at the same time.
My question is about money. I own a single family home and I want to turn it into my first real investment and rent it for residual income. I plan on having a management company handle the grunt work, because I just don't have the patience to do it myself. I want to downsize to a smaller more quaint property like a condo and possibly rent out another unit, too.
I know it's going to take money and I do have some cash on hand to start. What's a good starting amount to have saved? I can afford a nice condo between 60-130k and maybe take some money out for improvements/upgrades and then rent it. I guess I'm asking how much do I have to invest of my own money to get started initially before getting funding elsewhere. I live in the Dallas area. Great market, lots of vacant properties, with awesome $ potential. I hope I'm making sense. Thanks.