Where to begin? Seems like an endless amount of reasons. Knowledge is perhaps top of the list. As a result, I have spent the last several months trying to educate myself via books, podcasts and forums. I feel like I've learned a great deal but the more I learn, the more I get analysis paralysis.
Then there the fact that I live in South Florida and buying and renting in this area doesn't seem to be an option. I will however have my first rental property in SFla this year. I purchased a townhouse 5 years ago after a divorce. This turned out to be an unintentional BRRR. I will be renting the property out in the next 5 months. Based in comps in the neighborhood, I should cash flow $300/month. I will be managing the property myself. Roof is relatively new, A/C is brand new and appliances are in very good condition. I've set aside 5k reserves to start.
What I really want to do is purchase OOS. However, I have a difficult time finding class B/C neighborhoods that meet the 1% rule and have a growing economy. Since I'm new, I'd like to start small and look for SFH under 150k. Seems like they are unicorns in half decent neighborhoods keeping in mind I'm new at researching. I'll be attending local REIA groups in the next few weeks but I'm not sure how much that will help with OOS investing.
By the end of the year, I've set a goal to find a property for under 150k and invest $1500/month from my paycheck into investing if it all works out. Wish me luck and any advise is more than welcome.
