Another one new to BP for DC / Baltimore

[Tim Burke]

Hey everyone! I'm Tim.

I'm just getting started - I'm a homeowner (this is the 3rd place I've owned, sold the previous two), but I want to get started in REI. For a day job I'm a software engineer and I live / work in DC.

A cycling buddy who owns seven properties suggested I come here and start reading. I've watched all of the Beginners Introduction to Real Estate Investing and have been reading the forums some. My goal is buy and hold livable properties as rentals and do the whole passive income / gain equity over time thing.

I have been looking around at bank owned properties mostly in Maryland (including the suburbs between DC and Annapolis, and up to / including Baltimore City). I'm from Maryland and spend a fair amount of time in Maryland / Baltimore anyway. I've got about $30,000 cash available to me to start with and I'm thinking that will allow me to purchase and finance probably one home in the $80-$100K range. 

Does that seem reasonable? Definitely open to suggestions / guidance / ridicule (as appropriate).