Quote from @Jonathan Greene:
You are quite wide in your request. No one knows what you are looking to spend and what management you are interested in. In general, a 23-year old new investor would be unwise to try out-of-state Section 8 rentals. You aren't ready for that. Mentioning your third point is a given because it's unlikely you will invest in NYC at 23, even if you are working at a hedge fund. If your why on investing in real estate is to make extra money, that's a start, but it's not the real why. You have to know what you want out of it. If you want passive income, these are not the ways to get that.
Hey Jonathan, appreciate the input. Just to clarify, I’m trying to start building a real estate rental portfolio. Given the nature of what I do, and limited time that I can commit to this, my goal is to focus on finding turnkey properties that I can buy and just start renting out. I’m not looking to flip or do rehab. Ultimately want to focus on building a new source of passive income. And I also just fundamentally believe that real estate is a good investment right now.
Would love to get more of your insights regarding what you think is my best course of action if I decide to buy properties out of state (I.e how to find the right management company, how to do inspections, finding tenants, and maintaining the property). Thanks again!
