How soon is too soon to buy your first investment property? Thinking about buying something now (23y old, first year in consulting) out of state for like $100k and getting a prop manager. Thoughts?

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I don't think it's age related but would not do this if I had a lot of other debt.

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Why not invest in a REIT? If you're remote, you can't monitor the market or the property directly... meaning someone else should be able to handle that property better. Where's the value-add you should get comped for?

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Unless you are flipping dumps or buying early in gentrifying places you'll ALWAYS make more money in the market. Got three places I mange myself and they've underperformed all my accounts over the last 10-15 years. They're a little helpful at tax time but nothing compared to the extra cash I'd have from an SP500 index fund. REIT idea is decent if you want the income.

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Never too soon just make sure you have a mentor or someone to help guide you. Make sure you price it correctly and budget for that property manager and damage by tenant. It's easier to manage a property nearby where your live or long term client. Easiest is to have a duplex and you live in one side to begin with. Best of luck!

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I think you should hold out until you can purchase a more valuable property - invest the $20k and wait until you're in a position to buy something in the $200k range. Something close to your home base to keep an eye on it, even with a property manager would give you peace of mind.

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I bought an investment property at 19. I still manage it myself a few years later. It's a lot of work but has been successful so far. Property managers charge 10-15% in my area so it's worth it to get estimates beforehand

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Never too soon. Never too soon to pool money together as investment club either

Depends on your area of the country. Most investment properties they want 20% down to give you the loan. So depending on property values 100k might not be enough after transfer costs and real estate fees

@D1 I would be putting $20k down on a $100k property

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