FIRST RENTAL PROPERTY QUESTIONS/LOOKING FOR ADVICE
Hey guys, my name is CJ & I am fairly new to bigger pockets & real estate investing. I am 27 years old & currently live in Utah. For starters, my wife & I recently bought a piece of land in a nice area to eventually build our “Dream Home” on, its in a growing area & it supposed to appreciate quite a bit over time with new phases going up all around it. We Paid all cash for it. Secondly, we bought a townhome to live in which we will eventually use as a rental property when our “dream home” is built, but that’s down the road. We paid all cash. We have two vehicles that are paid for. So in a sense we are comfortable with our situation. We have a little over a million dollars sitting in the bank right now. We are very interested in the idea of passive income & rental properties. How much of the million dollars do we take out & purchase properties with without over doing it. What would you guys do in my situation? Would you stay local or would you search the country for the best possible deals? Use property management or do it on you’re own? Sorry for the length. Looking forward to your advice,
Thanks guys.