22, trying to plan my first rental property instead of buying a nicer car. Am I being realistic?
I'm 22 and have been working full-time for a little over a year now. I've managed to save a decent amount because I still live at home, and instead of upgrading my car or spending it on random stuff, I've become kind of obsessed with the idea of buying a rental property
The problem is the more I research, the more I realize how little I actually know 😭
One thing I've been looking into is buying in a cheaper market instead of where I live because there's no chance I can afford anything local anytime soon. I keep seeing people talk about investing out of state with a property manager & it sounds doable. But then how do i even trust someone to manage a property i can't personally be there to check
I've also been reading about DSCR loans because everyone online makes them sound like the holy grail for rental properties, but I can't tell if that's actually true or if the finance bros on YouTube are leaving out all the downsides
My rough plan was to buy something small that cash flows, let the rent cover most of the expenses, and just keep repeating that over time instead of trying to flip houses or get rich overnight. It sounds simple in my head, which probably means I'm missing something important
Please humble me, I don't mind😅