Start off with one good one at a time. Get a feel for it then expand your rental purchases. The proprty is not as liquis as say stocks or crypto if you want out. Also make sure you have extra for closing costs you may not count on. FedEx contracts, paying for certified letters can add up more than intial tally. Also thing about putting more a little extra besides 10% for vacant property. And some times the tentants cause damage you won't anticpate or hold you up on rent.
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Thanks! Yeah I am planning on doing what you are saying for the most part. Do you own homes you rent out? I see it says youre from NJ so Im curious. Not many places in NJ you can invest for good cashflow unless you want to bet on low income areas.
I currently have a property rent to own that is doing okay. The person living there pays me a small amount each month. They are responsible for all up keep and expenses. It is located in the state of Ohio in the city. Low income area but the purchase was cheap. There is a tiny profit in it. I had another one that was a house of horrors that was worse than a Dr. Jekyll & Mr. Hyde script.
If things change for me I will buy a true rental to keep, but learned a lot from the house of horror !
NJ is to rich for my blood and the tenant laws, make if very difficult to get rid of a problem child. I would not consider a rental in this state unless I find a Duplex and move into it.
I wish you luck and if you play cards smart, you will do okay.