Help for a newbie who can't commit to a market
Hi BP people!
I have market (analysis) paralysis.
I am interested in SFH or small multi-family residence rentals, looking for cash flow but of course would love some icing on the cake (appreciation). If things go well would consider scaling up in the future.
My husband and I own one cash flowing SFH in the Bay Area that was acquired in 2013 as a house-hack (but is currently rented by unicorn tenants who manage the property, so this property doesn't really count for rental experience).
The market where I am from is not great for rentals (SF Bay Area), and the market where we are living for the next couple of years is also not great for rentals at this time (Grand Forks, ND). I also do not love Grand Forks and would rather not put down any form of roots here - this is more of an emotional choice.
I have put in time learning about real estate - going through all the BP podcasts, lurking in the forums, doing due diligence learning about local job trends, populations, schools, etc in the more popular markets (e.g. certain midwestern cities). I am making my way through the books, including David Greene's new book, which was amazing. We have a good amount of capital - would be comfortable putting down $50-100k for the right few deals. We have w2 jobs. We are ready.
Each time I dive into a local market (e.g. Indianapolis) and get ready to reach out to local agents and investors, I get cold feet and shift into a new market, thinking that maybe one is better for me than another. Maybe I am casting too wide of a net.
Long distance investors: how did you finally commit to a market when you felt that you were equally unfamiliar with them all? Any tips to help me shift my thinking would be greatly appreciated.
Thank you!!