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Updated about 3 years ago,
Advice for a Real estate newbie
Hope everyone is doing well ! I am just starting out as an investor and looking to get an advice on out of state real estate investment.My goal is to own at least one property in next year and see how it goes.I and my wife have around 350k+ cash flow from salaries. We are in our early 30s. We live in Bay Area and own a condo. We are planning to buy house either next year or in 2023. We have ~400k (not counting emergency/retirement funds) saved for house down payment.I hope market don’t go crazy by that time). I think we are doing ok financially however our passive income might be less than 1500. I feel like I can easily put 50-80k down and buy a rental property. I just don’t know where to start ?
Any helpful resources which can help me to get started?
How to find a out of state rental property which can generate cash flow ?
How do you guys decide location ?
Should I consider having my friends onboard as my partners? ( I do have some nice and like minded friends who loves real estate)