Making my first purchase

[Daniel Ortiz]

Hello everyone, I'm new to real estate investing so I'm hoping someone could give me some pointers. I'm 21 years old and I currently live in California. My aunt recently moved to Tennessee and she bought a house for herself as well as an income property. She told me to buy one myself so I looked into it and I've decided I want to invest in an income property. My whole life I've saved money and I have about $60,000 to invest with. I looked at houses and they are in the $80,000 to $120,000 range. My aunt said in her area, people are paying a lot for rent since there is a high demand. This is where I am not too familiar with things. I know my options are basically: pay cash, get a conventional loan, or get an FHA loan. I want to go with the option that is best for me but I'm just not sure which one that is. For what it's worth, I am currently working a 9-5 so I have pay stubs to show for, my credit is fair/good, and I owe a few hundred dollars to a credit card debt. That is about all I can think of in terms of what lenders look for. So what pointers could you give me? What steps should I take and is there any other advice that I could use? I would really appreciate any help. Thank you in advance.