Best way to start out for rental income

[Rob W.]

Hey everyone, first time here. I'd like to start investing but not sure where is the balance of safety/ROI for me. I am looking to purchase a single family home (apartment or stand-alone) to rent out. Not sure if it's best to consider long-term rentals or vacation rentals.

Where do you think is the best place to look on the east coast? I want something which would appreciate over time (of course), but honestly I'm more concerned with net income from renting it. My goals are around 8% net. For example, I could get a studio apartment condo in Manhattan (with high maintenance, taxes, etc) which would rent out for high $$, or a beautiful pool home in Sarasota or Orlando FL which I could rent out by the week (or, indeed by the month too!). Or anywhere in between. Anyone have thoughts/experience on this? Looking to be "hands off" and only considering east coast properties now.

[Thomas S.]

For 8% it isn't worth the trouble and hard work involved in investing in real estate. Put your money in a REIT, mutual funds or bonds and make the same or better returns.