Newbie trying to get started. Down payments...

[Marian Allen]

Hey guys!

I’m truly a rookie trying to read and learn as much information as I can so bear with me. I’m currently a travel nurse so I move every few months. I’ve always been interested in real estate. I’m originally from Mississippi (not a great market) so I don’t have a true home base. I am interested in New Orleans as I have a realtor I trust there but I’m not convinced that’s the best area to start. I have a couple questions.

1) Should I commit to New Orleans since I have a realtor and some family there to look out for things while I’m traveling or just look elsewhere? Would also be interested in Birmingham, Mobile, Tennessee, Georgia, North Carolina. Honestly I’m pretty open.

2) I could currently put about $30k down which I have been saving for quite some time. How do I keep buying properties after this? Do I let the cash flow from my first property accumulate until I can afford another down payment? It seems like that would take a long time. Do you always have to put 20% down? As stated previously, I’m a travel nurse so I don’t think I could get an owner occupancy lower down payment rate as I won’t be living in one place. I know I could buy my first property but I’m really stuck on what I would do after that.

I would appreciate any help anyone can offer. I know I’m such a newbie but I’m diving head first into the forums and podcasts so I can learn from you all. Thank you!!

[Brandon Metzler]

Hi Marian. What part of Mississippi are you from? Central MS is actually a great rental market. Market size over 500k people and you can regularly find single family rentals that get near the 2% monthly return mark. It won't give you great appreciation but its stable and provides good cash flow.