your thoughts pls - buy 2 rental 'vacation' properties to start

[Terry Singh]

hi there i have been going over so much of what BP offers that its overwhelming. i have turned down all the noise in my head and arrived at the following starting out proposition - really looking for others who may have started out this way or can share their experience.

i have a home in southern california for 6 years. will stay for another 4-5 years more there. both my wife and i are on the deed but i have the mortgage.

TO start out, i am thinking to start the investment in southern california.

* buy a home at least 50 miles away as a vacation home. 

* one under myself and another under my wife's name.

* assuming a second-home loan applies to each of us.

* put down 3.5-5% so as to preserve my capital (for out of state for instance).

* rent it - to cover all expenses; not looking for cash-flow

* this is more for experience and confidence building

* this is a buy-and-hold, not a flip - house is newer built (2000+)

Now I know that only after finding a home and looking at everything like P+I, expenses, taxes, and rental income will someone truly be able to assert if its a "good deal" but I am more interested to know if this strategy to start out makes sense and it would be nice to hear from some folks who have done this so i know how they felt about it as they got more into investing.

thank you!