Seeking Mentor - Long Distance Investment & First Rental Property

[Shaun Schaller]

Hi BP community!

My wife and I purchased our first property together in Lima, Peru in October, 2020. We live and work here as teachers, are living in the apartment now and hope to rent it our after we leave in the next few years. I am seeking advice, tips, recommendations on where to start, and guidance with the process. I know that's asking a lot!

It's funny, but I am more intimidated buying a property back in the United States than I was buying property in Peru, a developing country, with less competitive interest rates, AND with the language barrier!

Here's where we are at:

Our goal is to purchase several rental properties over the next couple of years (single family and multi-family), and ultimately to produce passive income through cashflow. We both have great credit scores, money for a downpayment, and are dedicated to working towards our goals.  

We would like help in identify areas (open to all locations) to invest with a purchase price of 250,000 or under for a first property. 

For distance investors who have done this before, I have these questions:

-What areas are you targeting and why?

-What systems and tools helped you to achieve success?

-What pitfalls should we try to avoid?

-What recommendations do you have?

Many thanks for any guidance you can provide.

Happy Investing!