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Updated over 2 years ago, 08/12/2022
Investing in real estate at 21 with $30k
I’m 21 years old and I have set aside $30k to use as a down payment for a rental property. I’m in California and am looking at Texas and the Midwest for an out of state property. I’m looking to create passive income and am thinking of a duplex. Cash flow is more important to me than appreciation. I’m currently in contact with a very good realtor in Wichita Falls outside of Dallas. It would be ideal if I could find a duplex for $120k. The realtor says finding a duplex for $120k will be difficult but not impossible. I’ve also thought about Indiana, Michigan, or Ohio. I see there are duplexes which go for $60k.
I’m wondering also which is better for my situation (down payment or cash)? I actually have $60k saved but would prefer to use $30k for real estate. Does anybody have advice for a young person like me getting into real estate for passive income? I would like to create passive income so that I have financial freedom to travel the world with my family.