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Advise on Real Estate - Purchasing a Rental Out of State

Hello all

First of all, thank you for taking the time in reading this. I am new to the game and I'm very interested in purchasing a rental property out of state to make extra income.

I have 20K that I would like to invest. I was thinking of partnering with 5 people 20K each so we can buy a property in NC, FL, TX, etc. (<- example states and I live in CA). The goal is to buy in full so we don't have to pay mortgage, get a property management company to manage the property, get paid, save the another 20K, and then rinse and repeat. Is this a good strategy? Please keep in mind that I only have 20K. What would you advise is the best strategy? Is there a better way? Can I do it myself without partners?

Thank you in advance.

​

-Jon

submitted by /u/King_Jonathan
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source https://www.reddit.com/r/RealEstate/comments/qj27a7/advise_on_real_estate_purchasing_a_rental_out_of/
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