Purchasing First Rental Property

[Jared Davis]

I recently discovered this platform and my wife and I are looking to purchase our first rental property? Does anyone have any suggestions or pointers for a Credit score, lenders/broker, location, down payment amount (15%?)? 

Thanks in advance for your assistance. 

[Jonathan Greene]

You will need 20-25 percent down if you aren't going to occupy the property. If you are in Cali and looking out-of-state, you have a lot of due diligence to do. Asking here will only get people to recommend their areas for the most part, but you should do this to determine the best area to invest out-of-state

1. make a list of every place you and your wife have ever lived
2. make a second list of where you closest friends and family (the ones you like) live
3. use those lists to ask questions and review good investment market lists

When you see something from 3 that is on 1 or 2, that is a good place to start if it fits your budget. From there, you will work on lenders and people in the area.