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Jump in and do it. It’s the only way to focus your attention and learn the ins and out. I contemplated rentals for 10 years before I finally jumped in and have 5 SFHs and just built a duplex. Had a couple of bad buys along the way and learned many lessons through that. Only regret is I didn’t dive in ten years earlier.
In equity investing what do they say is the compounding effect? Time. The same goes in real estate. If you buy one home every 2 years at $250K - you will have $1.2M in property (assuming no appreciation) in ten years for 1/5 the cost.
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Have you ran the numbers to make sure you’re going to be cashflowing? I looked at Vegas for a rental market in 2021 and even with a 3% mortgage, there was no cashflow after accounting for vacancy and repairs.
Also, short term rentals are VERY heavily regulated in Vegas due to the casinos. There’s only a select few areas where you can operate a short term rental, and I don’t think a condo would do well as a short term rental since there are several condotel’s in the market that are cheap.
+ 1. I don’t know any cash flowing properties in Vegas with the current interest rates. You also have to account for maintenance or repair expense + vacancy. Even with home warranty, there’s still out of pocket cost. Establish a relationship with a a realtor, property manager and finance/credit person.
Where at OP?
Agree to the 'jump in' encouragement. Sounds like you're committed to doing it and have a timeframe. 1. Suggest you try to find likeminded people in your area for several reasons (someone to review your deal, wholesale deals/offmarket deals, investor service provider network - agents, flippers, handymen, loans, hard money etc). Try to 'professionally befriend' some experienced people who do what you want to do -- ideally to the point where you can run your deal by someone with real, like kind, local experience (it's rare but possible they might not be cool or try to poach but hopefully you choose wisely). Point is travel in the circles to learn the contacts and the people involved. 2. find off-market deal flow... my tricks are : a. call the homemade 'we buy houses' signs and tell them you want on their deal list because you're an investor or cash buyer or whatever gets them hot&sweaty. b. when people call you asking to buy your house, tell them you don't sell, you only buy: put me on your buyer's list / tell me where you wholesale your houses. c. get into your local real estate investor group and subscribe to newsletters etc.
3. Next, start penciling out the deals - make assumptions - rent, mortgage, costs to acquire, etc, etc, and see what must be true for a deal to work for you... e.g. I need $250 gross cash per month so if this place rents for $1650 and costs $XX per month with a purch price of Y, down payment Z at A%, plus taxes and HOA and insurance... this is a go... find property analysis sheets and just get busy with Zillow listings or your agent or whatever normal MLS deals are out there.
All this because: you want your first deal not to break you and if you buy right, you almost cannot be broken. If you survive your first deal, you're much much more likely to make a go of this side hustle or to be successful at whatever your future is in real estate. You don't need a home run, you just need to guard against risk of ruin on deal #1. Encouragement, you don't need a "good market" (according to whatever, usually national, source you read for you to go for it) you need One Property that works for you - in any major metro, there will be more than One, for sure. So ignore the "nothing cash flows" or property market = apocalypse. Real Estate is not crypto - it won't go to zero. if you're looking at entry level houses with steady ongoing and there is generally a shortage in a good-job area and you can rent it competitively or sell it if you must, then you won't be wiped out.
Anyway: get good at analyzing so you know when that one deal comes you have confidence in your analysis, you have some kind of network of investors who've been around the block, and you at least dipped toes in the various available property sources - MLS/online/wholesale ... and maintain a margin of safety especially on deal #1 whether it's extra cash in the bank or favorable economics or the ability to exit the deal with minimal pain if things don't go well.