All Forum Posts by: Jae Bok Lee

If you are thinking conventional 30 year mortgage loan, $30k will be much short of what you need to buy rental properties.  Cheapest single family home that you can rent out right away would be $250k and you will ned 25% downpayment and 5% of closing cost etc.  $70k is what you probably need to get started if you are doing conventional loan.  Hard loan could be more risky but probably too risky for starting out.

I currently have 3 single family home for long term rent, and they are all in Houston.  All single-family homes built in 2009~2015.  I purchased through a local realtor that I know for years and I have been managing all 3 of them by myself.  I have been watching YouTube for fix many things on those houses by myself when tenants call me.  Due to higher taxes, and higher insurance costs, profit per house is $100~200 lower per month this year.  

I see that many are doing out of state rental property purchase with property management involved.  

How do you make decision which State to start with?

Is the risk of not knowing the area worth going for?  

Is out-of-state property management worth paying for and trustworthy?

Houston, TX.  Near Greenspoint area