Getting established in Real Estate Investing for a Newbie.
Hello all,
So I am 29 and I currently live in Las Vegas. I have been reading/researching a lot about REI but haven't quite made it over that hump yet to actually execute and buy my first property. I have a couple of questions to ask for people out there who are established investors or have recently bought their first rental property and would like to share their story with me.
I currently make about 53K a year and I would say I have about 10k to put down on my first rental property. I am wanting to buy a single family home as a buy and hold property to produce cash flow. I eventually want that property to snowball to buy further properties. As a new resident to Las Vegas, I have noticed this area isn't to new investor friendly as I think the housing market here is kind of inflated (as with any big city). As a first time buyer i would like to buy in an area with a lower housing market that will be reasonable for my down payment and that will produce a good ROI. Im leaning towards investing in the central Texas area but not hard set for that area either.
Based off my situation, what are some things you all can recommend to get started?
I can also raise the down payment up to about 12K if that gives me a bigger cushion but would like to stay at the 10k or lower range. Is this a reasonable down payment to start?
What states do you guys recommend investing in as a first time buyer?
How much do you guys recommend setting aside for rehab and maintenance cost?
What are some of the ways you guys bought property from out of state?
I dont want to drill with questions buy I am motivated and ready to get my feet wet and hit the ground running. I am just a little hesitant to get started as I really dont know where to start even though I feel I have a good grasp on the concept of REI.
Any and all advice you all can provide will be golden to me and much appreciated.
Thank you, and looking forward to hearing from you!