Have been recently reading and researching more into Real Estate, and was wondering a few different things. What sources do investors use to get accurate data on cities and neighborhoods to narrow down their search for where people can start investing out of state. The area I currently live at is out of my price bracket to begin investing in real estate so I was wondering in investing out of my state? Im looking to do a 20% downpayment on a single family home (maybe in like a B class or C class area?) for around $150k and just get a tenant to rent it out. Is this a possibility or maybe better recommendations that you would know? Any market suggestions in states would be highly appreciated as well. (Again complete beginner here just wanted to seek some additional advice and recommendations)
That is definitely a possibility and there are plenty of markets in the midwest and south east that will support your strategy. I would recommend the best thing to do is check out the BP Insights and try and find some growing markets that have properties in your price range. Then, work to start building your out of state investor team and interview them to see if they will be a good fit to help you achieve your investing goals.
Some of them are a few years old, but I found these guides helpful for evaluating different cities for out of state investments. I went with Kansas City for my first investment.