All Forum Posts by: Kyle Tom

Hi guys. I'm wanting to get started on my first rental property but unfortunately can not afford anything in my back yard (California). was looking into out of state properties around the 80k range (which is the max I can afford if I'm being honest)

taking into consideration if I have a vacancy and my out of state asset turns into a temporary liability while maintaining my current California living expenses 

what are some good prerequisite I should do before i dive in?

is it a good idea for my first rental property to be out of state?

I've been analyzing deals out of state and found a few that can cash flow around $100-$200/month 

Been saving money and living below my means to make this happen 

any information helps 

I'm just trying to sharpen my axe before I cut this tree down 

Thanks 

Hey everyone,

For those that are unaware, I had posted a post 3 years ago about having $100k in cash at 21 years old and wanting to get into real estate but live in Southern California with no ideal properties. (check out my last post)

Flash forward:

I'm 24 now and while I didn't buy a property as of yet, I have $300k-ish in stock investments and still that $100k in cash tucked away. I still live in Southern California but seriously want to begin investing now in real estate.

I'm looking at out of state but that brings a lot of new questions I didn't think about before. I would seriously appreciate some guidance on this:

1) How do I choose the ideal location in the entire USA since I can do out of state investing?

2) Once I decide on a location, how do I move onto the next step?

I would seriously appreciate some insights on this. Thank you!

First, thanks in advance for any advice. Love this site!! We live just outside of Columbus, OH in a duplex we bought seven years ago. Would like to move to the Jacksonville, FL area. Maybe the Tampa but not relevant to this question. We have 100k equity in our place and 50K cash on hand. Would rather not tap into equity. We were thinking put down 5% on a new home, move in and then do the same each year and rent out the previous house. In hopes of accumulating many properties faster. The Ohio place cash flows 1k per month after everything including property management which gives us some cushion. Besides the PMI and higher payment, is this a bad idea? If so why? It may be tough to cash flow these first few houses until rent goes up some of course but if we can get it close we can absorb that for a while. Again thanks for any tips and just taking the time. Still learning so much. Gary