So about me a bit before I dive into the details. I am a 23 year old male with a stable full-time job, and a house that I currently live as a renter. I live comfortably, but recently I was looking for a house to purchase for myself.
While looking at new places I got this idea in my head that instead of buying a home to live in, I buy it to just rent out. However, I feel like it is not a good idea buying my first home with the intent to rent it out. The area I live in is a rural town, but while looking for a place I noticed tons of people seeking to rent houses.
So my idea here is if I buy a home with a mortgage for let's say at $45,000 max, that is a pretty decent sized house here, and I rent it out. So if I was paying roughly $350 monthly including insurance and my mortgage payment, and rent it for $550-$600 a month I would be netting a profit.
I would make the tenant responsible for all utilities and lawn care as well, so that wouldn't add to my expenses. In my head this seems like sound logic, get a mortgage, buy a house, rent it, and profit. I have solid credit history, and a stable job to where I could cover the payments if I didn't find a tenant immediately.
But I guess there is obviously tons of other variables here I am not considering, and I was hoping for some advice, or even just telling me this is a stupid idea. Any help would be appreciated, thank you!
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