Considering Buying My First Rental

[Jacob Lamar]

I am considering buying my first rental property and wanted some feedback from people that have done it before. Feel free to tell me it’s a bad idea, give advice, encourage, or tell me your process. Everything helps. 

My situation: I am a late 20s attorney in NYC. I want to build and invest my nest egg before aggressive loan repayment so that I have something growing on the side. I currently rent an apt in NYC and will not move. But property is too expensive  here. However, I am from memphis and have lived there and know the market. 

I am thinking about buying a light renovation or turnkey 3bed house in a stable neighborhood in memphis. My goal will be to grow to 5 properties that are self-running through cozy.co, a retainer of maintenance pros, ensuring the property is well maintained and worse case my mother checking in. 

This is a massive leap for me so please be critical. 

[Jonathan Greene]

I'm not against investing with student loans outstanding @Nicole Heasley Beitenman, but to do so it has to be worth it. A turnkey investment in a town across the country will not make enough money and poses way too many risks for it to make sense based on the information above. Too many people try to make more money instead of paying down their debt more aggressively and then end up just spinning their wheels and getting nowhere. Some do it right, but this plan would not be good given where he lives and where he would be investing and the type of property.