New investor looking for opportunities!

[Derrick Chisholm]

Hello!

I am a brand new investor looking to grow wealth through real estate. I want to focus on rental properties then as I gain more experience with real estate in general, I will look into the other opportunities real estate has to offer! I would greatly appreciate any advice based on my current circumstance!

I am looking to do out of state rental investing. This would not be my first purchase, I purchased my first home in 2020, which is my primary residence! I will be paying a large portion of debt off within the next month and I'll be able to save about ~$1500 a month. I have a goal to purchase homes with at least $250 in cash flow. What strategy would you recommend for me to get my feet wet with my first rental property? how much should I save up? what should I expect?

Again, any advice/information would be greatly appreciated! 

[JooYung Choi]

Depends on your risk level. Ranges from buying turnkey to full gut renovations. 

If you don't plan to move into the home that you are buying, be prepared to put at least 20% down!