Hi,
I just joined Bigger Pockets recently and figured I'd give a snapshot of my situation for comments/feedback.
My wife and I currently own a townhome in Culver City (Los Angeles, CA), which we are renting out now that we moved to the DC area. We are taking a slight loss each month, but the appreciation so far has made it worth holding onto and the rental rates have risen fast enough that we should be cash flowing within two years. Additionally, it is 1.5 miles from the Playa Vista area, where a lot of tech companies are starting to move to and build a "Silicon Beach" area. The current strategy for this property is to hold and rent to see how that area appreciates / generates rental income.
I work full time and am interested in building a real estate investment portfolio, and since my free time is limited I'm looking to start with 2-4 turnkey rental (SFH) properties followed by finding some 2-4plexes on my own (probably 3-4 years from now). I'm currently on the waitlist with Midsouth Homebuyers in Memphis, TN to purchase a turnkey property, partly because a friend has worked with them and is happy with their services and also because I'm from there and still have parents living there.
I'm open to comments on my strategy and tips for getting started in investment rental properties, which markets are friendly for new investors with smaller amounts to invest, good turnkey companies, and good ways to build a team for investing from a distance.
Fletch
