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Hi Fishes, How much money can we keep in our salary account? I have only 1 bank account which is salary account. I have created RD account in that only. So wanted to know what's the maximum amount we need to keep in salary account? And all the amount in our salary account is taxable? Accenture Tata Consultancy Infosys Cognizant Wipro Amazon Amdocs Yahoo Capgemini Citi
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You can’t do anything with 20k. Keep saving
I can tell you 20k down payment doesn’t get you anything in FL right now cus the rest of your Cali folks bought you app our property already.
Those aren’t good states. FL and AZ are expensive. IL isn’t landlord friendly. Save more or invest in learning.
Don’t forget to factor in closing costs.
I just went under contract in IL for a multi unit :(
You should be prepared to have double that just to scratch the surface on deferred maintenance
(1) With only $20K, I’d suggest finding partners to invest with you.
(2) Download a simple cap rate excel model to calculate cash flow of prospective properties.
(3) Make a judgement call on the markets that present the best investment opportunities. If the cap rate is lower, then you need to believe the rent growth in the market will be sufficient to offset it in the long run.
The reality is that you just need to do it. You’ll learn as you go.
Coach
Keep in mind if you invest in lcol, those are the first to lose value
You don’t see rich people using LCOLs as stores of wealth. They buy property in places like DC, NYC, Miami, LA, and London
Keep saving. Buy locally. Think 2 family rent 1 side out, get roomates. Your first investment property should not be thousands of miles away, you have no cushion therefore no ability to take on that risk.
So guyz, what states are landlord friendly? California isn’t at all… thoughts?
Most red states
Search Millennial Mike on youtube. He has good content for out of state investing.