Hello, I have some questions but not really sure where or who to ask. I am ready to start investing into real estate but want to make sure I have what I need before it is the right time.
Currently, I am 24 years old, with a 730 credit score, 20k in my savings, and have made a steady 60-80k a year for the past 3 years with my job. I have basically no debt, except I still owe about 14k on a 30k car.
I am looking at houses in the desert in California that are brand new still being built, going for between $300,000 - $400,000. My plan is to buy one and immediately rent it out. What I figured was with 20k down on a 300,000 house, 3bed and 2bath. I could have a mortgage around $1,500 and rent it out for $2,000. This way the renters pay off the house for me, plus I make an extra 500 a month passive income.
The only problem is now I'm gettin backlash on that prediction. Is it not that easy? What does somebody with knowledge and expertise in real estate think about this situation? Is only 5% down not enough to get my mortgage that low? As you can tell I am brand new to this so please excuse my ignorance. Any help, advice, tips, or any information at all will be greatly appreciated. Thank you.
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source https://www.reddit.com/r/RealEstate/comments/ex0cij/help_on_buying_my_first_home_need_advice/
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