Los Angeles rental property. Worth it? Or do i look out of state?
Salutations!
Thanks in advance for any response I might receive to this question. I am a newbie. I am interested in maximizing monthly cashflow through acquiring rental properties. However, being in Los Angeles, there are not many nearby markets that cashflow without exposing you to high crime rates, undesirable tenant populations, etc. Additionally, even with a cashflowing property, the cost of entry (or initial investment) is much higher here than in other states. So ROI is not good either.
When I browse through properties, let us say in Ohio for example, I find numbers that work on SFR's or multiplexes between 50k and 100k, sometimes less.
Am I right to be looking at remote investing and avoiding CA? If, so I am sure there are many good markets to look into. Any suggestions on how I get started on this? I assume start developing a team, learning the neighborhoods in a target market, etc. I am not very interested in appreciation speculation in CA. Not to knock anyone who successfully does this. But my goal is cashflow.
I am also considering jumping into one of these local low priced "problem area" homes in the greater LA county that cashflow moderately, as I am young and don't have a family yet. I think I can handle all the extra headaches for at least a few years :-)
Thanks for reading!