New Investor: looking for first rental property
Hello everyone,
I just listened to an episode from the podcast and the tip was to introduce yourself on the forum. I guess I better follow through so that I can take my first steps into investing in real estate. I'm Kyle and I am 27. My wife and I are interested in investing in rental properties. I currently work as a software engineer and have little experience with real estate. We are currently reading The Book on Rental Property Investing by Brandon Turner and have been inspired. We love how real and honest he is about real estate investing. We have set a goal to buy and own 20 rental properties in 20 years. In the book, I can't remember who said this, but he said you should multiply your goal by 10 and that is your new goal. So i guess our goal is 200 properties in 20 years! We are wanting to buy a property in Utah or Wyoming and would like to try the BRRRR strategy or just find a good deal that could start out with decent cash flow. We really want to start analyzing properties and start a good process for analyzing properties. It seems a little difficult at first when I have no idea how much to expect in repairs, vacancy rate, property management costs etc. I would imagine a lot of this comes from experience, but some advice on how to get these numbers for a property would be greatly appreciated. Thanks in advance and I am looking forward to spending more time on these forums and making connections with people in my area and around the country.