Feel lost, how/where should I buy my First rental property?
I am a 25 year old Male from Silicon Valley, California and have saved up $80,000 in cash, over many years, and am ready to buy my first rental property. Ideally, I would like to buy a turnkey rental property within the next 1-2 months.
I have a religious prohibition against taking on any loans/interest/dealing with banks (I can't use leverage) etc. so I am limited to the 80k in cash that I have.
How and where, would the experts on here, recommend I invest my 80k?
Ideally, I was thinking to buy a Single-Family 3 Bedroom 1 Bath Home (Turnkey), in one of the following areas:
-Cleveland Ohio
-Memphis Tennessee
-Indianapolis Indiana
-Cincinnati Ohio
-Kansas City/St Louis
etc.
Would you guys recommend any USA market in particular, based on my $80,000 budget?
I am looking to buy and hold over many years, and am looking for cash-flow, and am not concerned about appreciation.
My ideal place would be an area that has low vacancy rates, good tenants, and with property management in place, to generate a passive-income without having to think about it.
My goal is to buy a cash flow rental property every 1-2 years, so this will be my plan moving forward. I am concerned only with stable low vacancy cash-flow, and don't mind having no appreciation.
However, since this is my first property, and I've worked so hard for this cash, I am naturally really afraid to move forward and pull the trigger, due to my lack of experience. (i.e. I don't know much about real estate other than hiring a property inspector to inspect the house, and then paying for it lol)
Should I split my 80k into (2) and buy a couple of 40k properties, and then rehab both when I get more money?
Or should I put my 80k into a turn key property that pays $800-$1,000 in rent from day 1? (<<This is what I'm leaning towards) but expert advice would be appreciated.
TLDR:
-Which US markets should I invest in with 80k, as a cash only buyer, looking to buy turnkey?
-Should I split my 80k into (2) 40k purchases, and just rehab the homes when I get more cash?
Thank you.