Rental Income. Newbie

[Paul Rasor]

Hello all! 34 year old father of 4 in SoCal. Looking to pull out $300k in equity to purchase multiple condo/apart in an area that has best rental $ on return of investment. My parents are in the landlord business and I like their freedom and financial independence. I have been researching on Zillow and have been looking at Henderson, Las Vegas. Any and all advice is appreciated.

[Joshua D.]

@Paul Rasor

I'm glad your jumping in! Its great that you have family in the BIZ and i'm sure you can use that to your advantage.  I would caution you to be careful with 300k, take it slow.  I would buy something like 1 property and commit to holding it for 1 year without buying any more.  Make all the mistakes that all of us make our first year of buy and hold, learn from them and then move on to the next few deals.  That way all the mistakes are 1x and not 10x 

This is especially true if you are long distance land-lording.  Where do your folks invest?