investing out of state
hey all I am new to Real estate and have been trying to buy a property for the last 2 years but it is not working out. I live in the New Jersey New York area and prices continue to climb and they do not look like they are falling any time soon. Recently I have been thinking about investing out of the state . I have been thinking Florida or somewhere else down south could be a good idea. Does anyone have any experience or advise with this? I make a little over 100k a year and have 50k currently ready for a down payment. any insight would be helpful.
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The south is a pretty hot market, but it really depends on what your goals and strategy are. I'm seeing a lot of BRRRRs and AirBnBRRRs in FL. But the questions I would ask yourself before finding a market are: am I looking to prioritize cash flow, appreciation, or a mix of the two? What strategy am I looking to do: flip, BRRRR, LTR, STR, small multifamily, etc? Once you figure out the answers to these two questions, you can start to narrow down what markets make sense for you based on the FRED economic data: https://fred.stlouisfed.org/