Need Feedback for my First Real Estate Property Purchase

[Jeffrey Obispo]

Hello everyone! I am hoping to get some feedback on my current plan in getting into REI.

I am a 31 y/o male, single, living and working in Los Angeles County (Long Beach, CA) and have been saving for a downpayment (approx. 45k) for a house to use as a rental. This will be my first home purchase.

Considering that the housing market is high right now, especially here in LA county, I plan to do out-of-state investing (I am considering using Roofstock) and have my rental property managed by a property management company. I am currently researching and looking into areas such as San Antonio, TX and Atlanta, GA. Hoping to purchase a SFH by next year Jan/Feb.

I currently have no debt and earn an annual income of approximately 120k. I am currently back home with my parents to save money, but am considering renting an apartment closer to work since I am single with no kids, and privacy and own space is important to me.

I don't know anyone personally who is also involved in REI who I can go to for advice, so I'm not sure if my plan is necessarily the best route given my circumstance. I would very much appreciate ANY feedback or tips in purchasing my first rental property. Thank you!

[Steven Foster Wilson]

Originally posted by @Jeffrey Obispo:

Hello everyone! I am hoping to get some feedback on my current plan in getting into REI.

I am a 31 y/o male, single, living and working in Los Angeles County (Long Beach, CA) and have been saving for a downpayment (approx. 45k) for a house to use as a rental. This will be my first home purchase.

Considering that the housing market is high right now, especially here in LA county, I plan to do out-of-state investing (I am considering using Roofstock) and have my rental property managed by a property management company. I am currently researching and looking into areas such as San Antonio, TX and Atlanta, GA. Hoping to purchase a SFH by next year Jan/Feb.

I currently have no debt and earn an annual income of approximately 120k. I am currently back home with my parents to save money, but am considering renting an apartment closer to work since I am single with no kids, and privacy and own space is important to me.

I don't know anyone personally who is also involved in REI who I can go to for advice, so I'm not sure if my plan is necessarily the best route given my circumstance. I would very much appreciate ANY feedback or tips in purchasing my first rental property. Thank you!

OOS investing is a good option, however it will require 20-25% down, which may be a bit more then you have saved. A great way to get into the business is by house hacking. This is how I got into the industry. In California it might be a bit difficult to find a deal, but you could do it, being single. Buy a duplex or SFH and rent out the bedrooms. Or you could come to a place like Columbus and find cheaper deals that still cash flow.