I am new to real estate investing and need some advice from experienced property owners. Iv spent hours learning about real estate investing but I am still very hesitant to pull the trigger. I am 26 years old from Sacramento that makes a 75k salary. I currently have 70k in a high yield savings account and want to use that to buy my first single family rental property in the Sacramento/Elk Grove area. I plan to stay at my full time job to fund my real estate hobby.
Im looking to purchase a 270k-300k 3br/2bath single family home with 20% down that is well kept but outdates. I will put 5k-10k to modernize the property w my pops who is an unlicensed contractor and rent it out for $1800.
My question one to you is...
1. Is my plan feasible?
2. Is it worth buying my first property that does not cash flow but will learn a lot from the experience? Or stay on the sidelines until a come across a cash flowing deal?
Please give me some feedback and let me know what you guys think.