how much cash to keep on hand, plus getting started in Louisiana
Hi everyone,
I haven't posted here in a while, since my husband died in 2016, but his estate is finally finished; the reno to my big condo is now finished; the condo is rented out and producing income; I've bought and renovated a smaller house to live in! LOTS of changes. Also, my retirement is approaching, summer of 2023. I'm a teacher, and will move from Los Angeles back to Louisiana.
The sale of my condo here should net me, conservatively, about $500k. I intend to use that money to buy and hold houses in Louisiana. I know about A-D property zones; I know about how to reno, having done it twice now, both large and small. My questions are the following, in no particular order:
1) What do you look for in a good property management team? I will be retired, and may or may not get another job. I want a property management team to start off with, simply because I don't know the ins and outs, and need people who make this their business. Suggestions welcome.
2) How much cash should I keep on hand for when things eventually need repairs or if there's a lull in times between finding renters? Is there some kind of formula? For example, number of houses x percentage of rent = $$?
3) I want to take the cash I get from the sale of my condo here in Los Angeles, and invest in Louisiana properties. How many are "enough" for a newbie with a little experience starting out?
4) Any other ideas that come to mind?
Thanks to everyone in advance. I'm happy to be back on here, after an extended absence getting things ironed out.