I have been really interested in the idea of passive income from properties and generally speaking, from research, it seems that real estate is usually a safe investment in the long run. I contribute to my companies 401k and I do the maximum to my roth ira. It would be nice to diversify some and get some rental properties. I have seen some articles that show how over time, you can basically get your properties to run themselves. For example, the rent covers the mortgage and then some to help with repairs, then you build up enough wealth from it and buy another property and so on. My wife and I could save up enough in a year or so to be able to put a down payment on a 150k house. It just seems a little scary to invest 25k all at once and you may get a bad renter or the property not be able to sustain itself. Can anyone give me some of their tips and experience with this? Some questions I have are mainly dealing with investing in the same town? Is it good to do this so you can be hands on or is it fine to live in a different town and have a property manager? Also, does anyone have experience with a company like RoofStock who has these auctions to be able to buy already up and running rental properties in cities across America?
Thanks in advance for any help.
Thanks in advance for any help.