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Updated over 1 year ago,
Saving approximately 9k in cash per month. Looking for guidance to buy out of state
Hello, I have never owned a home before and am currently renting per month for approximately $1600 in Bay Area, California.
I recently thought about investing out of state in the LCOLA/ MCOLA area. I looked at Minneapolis, Portland, and Dallas. For Minneapolis, it looks like for a $200k house, the down payment is about $50k or so and the mortgage comes out to about $1300 a month. I feel like I could possibly buy property if the prices are this cheap. However, I have no way of knowing what the current rent is for the area compared to mortgages. Also, I plan to stay in California so i plan to rent out property purchased out of state.
What should I do? Get a realtor and a property management team? Also, can I use out-of-state property for tax deductions if there rental?
What else should i be thinking about?