I’m new. Have 20k in the bank. And want to buy property here

4 Replies

I want to know the perks of investing. I need a realtor, a lender, and property manager to consult with. I’d like to be an out of state investor. I really want something that cashflows 200-450 a month. I just know to really learn I need to pull the trigger and jump into this. I want to be informed and start right

Everything you stated is equally important and your cash-flow target is a tough but not impossible. Keep learning, connecting with locals, and studying the numbers on potential deals. Get out there and search off-market. Agents are plentiful and willing to help as well. Find a distressed deal with value add and hit the ground the running. 

@Miles Matias - true cash flow (after vacancy, capex reserves, etc)? That would be tough on a long term rental on a per door basis, but doable on a small multifamily or a vacation rental. Join your REIA, BP meetups, soak in all the podcasts and books. As you build your knowledge base and network you can start to narrow down on a strategy, location, etc that fits your risk tolerance and goals.

@Miles Matias - I agree with the advice from @Jaron Walling and @Ryan Howell here. Expanding your knowledge of the market(s) you are looking to invest as well as networking with other likeminded industry professionals is a good start. Have you considered partnering on a JV deal with a more experienced investor?

Also, you mentioned that you would like to be an out-of-state investor. What markets are you considering?