Newbie investor - local market too expensive...
Just got preapproved for 275k FHA loan in Oregon. My original goal was to do a house hack until I could rent the property out completely in my local market. The market in Portland and Salem area seems very inflated and overpriced for doing a good buy and hold strategy that could provide me with a strong monthly cashflow. Should I consider investing in a long distance market for my first investment property? I'm currently studying more about long distance real investing and am really considering it but would love to hear some tips/advice from the BP community!
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If you're looking to break into some OOS markets I'd recommend checking out @Zach Lemaster over at Rent to Retirement. They provide high quality turnkey properties that maximize cash flow and appreciation.
I was in the same place as you a few months ago. Local properties were very expensive and the returns I was looking at didn't justify the risk. This led me to Zach. I got a high quality rental with a tenant in place for an affordable price. Quick, easy closing and now I'm into more active investments.
Now, Zach has been a mentor to me helping me establish my own business and getting into more active investments. I'd recommend giving him a call and seeing what they can do for you.