Complete Beginner in Real Estate Investing

[Corazon B.]

Hi,

I have never invested on a property before and I would like to get in the game just for passive income because I think it might be good for long term wealth/retirement. 
Next year, I am planning to invest on a property, and I believe I will be able to purchase a condo on which I will use to rent out. Currently, I have 70k in my savings and next year I should have enough money($120k) to pay cash for the condo. But what I am scared about is not purchasing the right condo at the right price and at the right location. And paying thousands of dollars on a property is daunting especially if I am not that knowledgeable in real estate. I read a few books and spoke to a few people yet I am still not that confident. How exactly do I know if the condo that I will purchase is a good deal? How do I know if what I am buying is at the right location and at the right price? I live in Fort Myers, Florida. Does right location mean there is low crime rate, no flood zone, and low unemployment rate? Does right price mean I must know what is the average per sq ft for houses in Florida and do my calculation on condos being sold making sure I get the best deal? Also, are condos better for rentals than single family homes? 

Any tips/advice would help. 

[Chris Coleman]

@Corazon B.

You’re thinking and questions are going in the right direction.

Yes, first determine what neighborhoods you want to invest in. Ideally, you want middle class neighborhoods, low crime, decent schools, easy proximity to transportation, retail, etc.

Then, knowing how much you can afford, you can start looking for potential properties in those areas.

In the meantime, while you’re saving the money, continue reading and learning.