What to do with my $55,000?

[Keegan Uderitz]

Hello all!

We are currently on the market looking at deals in Tennessee, Georgia and some in Minnesota. How long is normal to make initial investment back? The deals I am looking at are 5-7 years to get that initial deposit back. We are looking to replace my income with income from rental investment properties. With "only" $55k to invest right now the cash flows are around $300-500/mo. Its going to take us a while to reach our goal of $10,000 in cash flow per month but I feel like we need to start somewhere. I am looking for advice on a first property, for something that is cash flowing. I have read 10-12% return is ideal, thats still a small number in the big picture of things. Looking to build confidence, and seeking advice on our first purchase.