Planning to buy my first Real estate property investment.

[Charles Valdemoro]

Hello everyone. I currently live in Miami, FL. Im a registered Nurse with close to $31,000 in my savings account. I just got married and we currently live in a 2 bedroom apartment paying around $2100 in monthly rent. Our gross yearly income is around $130,000 a year. Ive been doing a lot of research in the past 2 weeks about real estate investing and am very motivated to take the jump from just learning to action in the near future. I was first looking into buying and selling manufactured homes because it seemed like it had a smaller risk factor compared to buying other types of rental properties. But as I watched more videos and podcasts and even started looking at the numbers, I think im leaning towards buying a condo here in miami in the city to rent out. My main goal is not to be a filthy rich, but just to have enough passive income to retire in order to do this full time. As of right now im leaning towards focusing on buying a condo as my first rental property since i feel like its easier to manage for someone like me who is starting out. I would appreciate any advice as i am very eager to learn. Thank you.

[Malgorzata Sadowska]

Dear Charles: will address tenant first as that's what you mention - have no fear - there are actually bidding wars right now on rentals in Miami. If it looks & shows nice = will rent fast & likely for more than you expected. 

Many options to purchase: condo; multi family (you can live in one unit); and, perhaps, even a house (for you guys) and rent out the guest / in law quarters - we do have a decent amount of those around Miami Dade.