Is 20K enough? Interested in Remote Rental Properties
Hey All!
I'm excited to get into rental properties but not sure where to start. I'm currently reading a book by Brandon Turner (and browsing Bigger Pockets). For the markets that I'm interested I live nowhere near any of them. Also looking for areas with properties that are geared towards cashflow.
I'm hoping to have enough money saved up to get started by the end of the year or early 2022.
Real estate markets I'm interested:
- Detroit, MI (and surrounding cities)
- Raleigh, NC (and surrounding cities)
- Ohio
- Arkansas
- Illinois
I'm also open to other cities. I currently have 20K saved up exclusively for investing/real estate. I might be able to save up to $50K this year. Would that be enough to get me started ?
Most Popular Reply
I can only speak for Raleigh area.... you will be hard pressed to find something in Wake County for less than 200k, without at least some rehab or capital improvements. Since you're doing remote, it's an investment, and most lenders are requiring 25% down. So on 200k house that's 50k right there...without any additional rehab/upgrading/closing costs. Most homes in this market, depending on price point, are selling 15-50k over asking price right now. No to say with some extensive searching you wont find some.... but if you're looking to minimize upfront costs to get in the game, look in areas like Winston Salem, Fayetteville, Smithfield/Selma, where you can still buy a property for $125k. Just my perspective, but I'm not pro.
Good work on saving!