All Forum Posts by: Zhaobin Zhang
Zhaobin Zhang has started 1 posts and replied 1 times.
Post: Need advice first rental property in Overland Park KS area?
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I have been thinking to buy my first rental. I'm currently living in California, which the living cost is extremely high, 3-bed townhome with good schools typically costs $900k, and I can't find anything with positive cash flow. Recently my friend found one $640k, bad schools, $370 HOA/mo, rented out for approx. $3500-3800/mo, not able to cover the mortgage. Since I used to in Overland Park, KS before. I was thinking if I can buy a property there. Since it's my first rental, I want to start with small, planning to put 20% down, <=$60k, thereby targeting something within $300k.
One question is, I didn't do comprehensive analysis of national wide, so not sure if Overland Park is a good place to start with.
The second question is, I was comparing two paths. One is to find under $300k properties in class-B areas, but it seems I can only find some crappy over 30 years houses, likely need some repairs in the next years. I'm not confident in buying those and if I fail on my first attempt, I may not be able to continue confidently in the future. The second strategy is to buy class-A areas with good schools, but they cost around $450k or above, it's definitely out of my planned budget.
Third question, it's remote, out-of-state rental, and my first attempt, I need some advice, what are the red-flags I should prepare for? Is Texas better than KS, it seems I saw a log of complains of the high property tax!!
Any advice would be highly appreciated.