Analysis Paralysis - How to Jump in?

[Ben Callahan]

Hi all! Currently in Southern California (so priced out of the market) and looking to start my REI journey out of state. I've been spinning my wheels for a few months now trying to find the right market and strategy. In an ideal world, I'd like to invest in small multi-family homes with some reasonable value-add opportunity. I'd like to at least break even on the cash flow side, but be in a place where, over time, there will be reasonable rent and property value growth. I don't have the ability to house hack and have no prior experience in the RE industry or construction, though I am a corporate/real estate lawyer, so that might help in some way. A few questions I'd love to pose to this group:

1. Would I be likely to meet out-of-state investors at local SoCal meetups? 

2. For out-of-state investors, how did you land on your market? Did you have previous experience there or connections to start building a team?

3. Without house hacking, what's the best way to scale efficiently? 

4. I've been having a hard time finding reliable rent info online. How do you find going rental rates for properties based on size/layout, etc.? Is there a paid service with that info or do you just use average/median figures from Zillow, etc.?

Thanks all!

-Ben

[Eric Gerakos]

Welcome, Ben. New investors often focus on "scaling" and end up with a portfolio of "affordable" properties that lose money due to higher maintenance and evictions. My advice would be to buy fewer but better properties that will have less  maintenance and vacancy and more appreciation,  which is where the real money is made. Best of luck to you.