Where are my pitfalls?
Hi all,
I am a newbie in real estate and getting to learn from BP. I live in the bay area, CA (on rent) with my family. Home prices here are so high, more so in good school districts, I cannot afford (my be I do not want to ) buy a house to live here. I have some cash in hand and was thinking of buying an apartment (Potentially managed my a company -so that I can do things from here) in Texas (Plano or Austin). My target is to earn rentals which should be 100% more than my mortgage. In the long run, I want to develop equity and buy more similar properties or sell it off if the market looks better.
1. With your experiences, what could be my pitfalls if I take this strategy?
2. Is it a good idea to put money in an investment property or rather buy a home to live?
3. Is it a good idea to invest in Texas living in bay area CA?
Thanks,
HD