First Deal - OOS MF?
Hello BP Forums,
I have been grinding towards my first deal for a few months now - and with all of the chaos today, my private lender backed out days before closing on a flip. Maybe that was a good thing. With the future outlook, I have been looking further into investing out of my state (Colorado). I have around 80k to put as a down payment, so I can hopefully afford up to 360k worth of real estate, hoping for 4 doors +.
I have done some research and determined the following markets to be hot, with good job growth, and possibly within budget:
-Winston-Salem, NC
-Pittsburgh, PA (and maybe Indiana, PA?)
-Indianapolis, ID
-Orlando, FL
-Greater Phoenix Region
-Irving, TX and surrounding
-Upstate NY and around Syracuse
I was hoping I could get some experienced insight on how to properly invest OOS, what areas to avoid, and what might be the most promising for my budget. I am looking to hold on to it for a year or two before upgrading to more units. Would it be worthwhile to look in cheaper markets, such as areas around Cleveland, OH, or shoot for some higher priced areas closer to the top of my budget? Thanks for any responses in advance.
Dave