Buying first investment property while renting in another city
Hi all,
First discussion post! I have been studying real estate and investment properties for years now and I'm on the brink of buying. I currently live in an expensive area that I don't see myself living in two years from now (job, lifestyle). SO I have looked at other areas in-state and out-of-state to buy that are way more affordable and possible homes for me and my future fam. My goal is to own multiple investment properties in up and coming areas that have character.
After looking at the numbers, my monthly rent and mortgage would be about 75% of my take-home pay which I don't think is that bad. I of course plan to get tenants and use a property management company. With the rent checks, I should at the least break-even or make a couple hundred a month on the out-of-state property. Then my normal monthly rent would be the same as always and I could start saving again . . . rinse and repeat.
Has anyone done this? I can't find too much on buying an investment property at the same time as being a renter in another city. Send me some advice too. I'm sure a lot of people will not suggest buying my first investment property far away but I'm ready to make some big moves!
Thanks!