New Investor - Asking for some guidance

[Gutierrez Martinez]

Hello! 

I live in Orlando, and my wife and I are looking to buy our first rental property. We don't have any experience in rental property investing. We are hoping to start with either a single family home or a duplex to buy and hold. We are not needing immediate cash flow, so we are looking more for appreciation even if it's slow.

The properties in Central Florida seemed to be priced at amounts that are difficult to buy for long term rentals and we can break even. So, we were thinking if it was a good idea to look at out of state properties that seem to be priced lower and the rent seems to cover the costs and actually make a little bit of profit. 

Also, can someone provide advice if they have worked with out of state properties, how they find good agents to work with and how they manage the properties? 

Thank you so much!

[Dean Harris]

Hi @Gutierrez Martinez

I invest in Memphis TN (76 SF Properties currently) and I also assist buyers to build a rental portfolios here as well. I am seeing a really good rush of 1% rule properties here that are in really good shape. Some need under $5,000 and they are under market value by 10% in most cases (Not my listings). I chose to start investing here in 2015 personally after years of selling the product here in Memphis due to the cash flow and we see it available everyday

My podcast that I have hosted for 9 years is a great tool to learn about Memphis. You can find it wherever you listen or watch podcast by searching The Investors Guide To Memphis Real Estate. You can watch us on Youtube and Facebook!

Best of luck to you and I'm happy to answer any questions based on my personal investing experience here in Memphis.