Considering Buying My First Rental

[Jacob Lamar]

I am considering buying my first rental property and wanted some feedback from people that have done it before. Feel free to tell me it’s a bad idea, give advice, encourage, or tell me your process. Everything helps. 

My situation: I am a late 20s attorney in NYC. I want to build and invest my nest egg before aggressive loan repayment so that I have something growing on the side. I currently rent an apt in NYC and will not move. But property is too expensive  here. However, I am from memphis and have lived there and know the market. 

I am thinking about buying a light renovation or turnkey 3bed house in a stable neighborhood in memphis. My goal will be to grow to 5 properties that are self-running through cozy.co, a retainer of maintenance pros, ensuring the property is well maintained and worse case my mother checking in. 

This is a massive leap for me so please be critical.