Condo Investing Help
Background: Over the past 8 months I have become quite fond of the idea of getting into real estate investing. Over the past 6 months I have been saving money for investing and researching everything I can about investing. My main goal is cashflow with my rental properties. I plan to move to the Bothell area (or surrounding areas) near Seattle and it seems like the a great area! The rents/HOA dues compared to the listing prices (140k-220k) make it seem like an easy entry point into real estate with relatively low risk since I will live there initially and a large portion of the property is taken care of. I plan to live there for at least my first year with a roommate who will pay rent.
I know I need to look at the cash reserves for any condo association, what percentage of renters they allow, HOA dues, etc. If the rent is greater than the expenses by ~$150 a month, I don't see why not to do it. I can provide more specific info into how the numbers will work for me if needed.
Any tips, info, warnings, or other things I should know? Thank you so much!