First rental investment: a condo
I'm 36, I've done all aspects of construction.
I'm a successful software engineer. Between my wife and me we make about 140K a year. I am the first owner of a 5 year old colonial (460K) put down 90K, pay every two weeks and have a decent amount left over every month.
I'm considering buying a condo (60K) as a start to property investment. I'd put down about 10K get a mortgage for 20 yrs and be looking at 350 a month. In the area of interest (N metro Boston), I see similar units renting for 1000 - 1200 a month, + tax / condo fee (200) giving me about 400 a month income. I'd plan to go in, do the work myself and rent asap.
I also consider multi families, but I can't get them as cheap and not only do I have interior maintenance, I now have exterior as well. It seems that a condo is a _simpler_ place to start in the rental world.
I keep seeing lots of topics on learn the biz then start, but I'd really like to get going, and how do you define "learn the biz?"
Any pros / cons?
If I don't get started with something like this, I know I'll really regret it in the future. (Granted I may regret it anyway) but I'm more of a try and fail rather than not try at all kinda person.
Thanks for any advice.