Looking to purchase first Rental property (need help)

[Nay Russ]

Hello Everyone!

We are looking to purchase are first rental property to generate extra income. We eventually want to keep purchasing more and hold multiple properties. I am willing to study and learn all I can about the industry. Can anyone point us in the direction of learning materials for beginners? We live in Virginia and multi families are not abundant here, and when we do come across one they are either too expensive and the rent would just be paying the mortgage. We are looking to be OOS investors. What states are good that are not super expensive were the property will appreciate but will also be able to bring in a monthly income? We are looking to take money out of our current home to help fund this first purchase.

Thank you all in advance!

[David Ramirez]

Quote from @Nay Russ:

Hello Everyone!

We are looking to purchase are first rental property to generate extra income. We eventually want to keep purchasing more and hold multiple properties. I am willing to study and learn all I can about the industry. Can anyone point us in the direction of learning materials for beginners? We live in Virginia and multi families are not abundant here, and when we do come across one they are either too expensive and the rent would just be paying the mortgage. We are looking to be OOS investors. What states are good that are not super expensive were the property will appreciate but will also be able to bring in a monthly income? We are looking to take money out of our current home to help fund this first purchase.

Thank you all in advance!

 It's not easy, but I'm still able to find off-market properties in Florida that meet the 1% rule. In fact, I'm about to start promoting a property in Kissimmee, FL, where I was able to secure seller financing under contract with a 40-year amortization at 3.5%, and a balloon payment due in year 20. This results in a principal and interest of $1,181/month, while the market rent is $2,100/month, and the property is rent-ready.