Here is my plan and situation. I don't want to be tied down to a property as I am still early in my career and have no plan on retiring in this area. My goal is to purchase a rental property about 30 minutes away from where I live while renting out an apartment for me and my wife. Most likely going to use a management company as I don't have the time currently to be a landlord as well. End goal is to have someone move in and have them pay the mortgage, if there is a time of no people renting I can easily afford to pay the mortgage and rent.
Actual numbers will be
$3,000 left over for disposable income after cost of living, rent/food/gas everything, and retirement savings maxed out for 401k/roth ira.
Putting down around $40,000 on a $150,000 property.
$1,200 mortage payment including condo fees, taxes, and insurance.
$1,500 or around this number for rent from this property. I have a mentor that owns property in the same condo and this is what he has his rented for. Of course %10 will be taken by the management company.
Anyone have tips or advice on this goal?