I need help. I am looking to do my first Real Estate deal buying turnkey properties to generate cash flow.
Just an introduction to help you help me:
I live in Los Angeles, CA, and I am the Regional Manager for a marketing company. LA property prices are completely out of control, and the amount of bids a house gets just tells me here is not the right market at the moment. I didn't have success trying to buy a house here and by looking for solutions I found Podcast #26 (MemphisInvest) on biggerpockets, I got really interested about what they do because I think buy and hold is a very smart strategy, especially for someone like me who knows how to live frugally.
My Plan:
I am looking for a reliable property, which means it has to be in great condition since I will be investing remotely, and close to decent schools (very important), with low crime rate neighborhoods, and for the last but not least a great management company.
I expecting to generate approximately $1,000 in net cash flow with under 200K Loan amount and 50K Out of pocket. It could be one property or two, or six or 10. I am open to SFH or Multi-Unit.
My Short Term Goal:
At least $1,000 in net cash flow in 2015 and I want to be generating over 3K in net cash flow by the end of 2016 through my investments. Then I plan to do other type of higher return investments, since my monthly expenses will be covered. I need this peace of mind.
First, I would like to hear your advice.
Please let me know if you can give any pointer on any good turnkey companies and management companies in these areas I am referring below. Or if you know a better area for me to invest.
I have been looking Georgia, Tennessee, Indiana, Florida, Virginia, Missouri, Minnesota even Hawaii.
I am not yet convinced about the best place to invest, but I am looking the deals individually.
I saw this research http://www.realtytrac.com/news/real-estate-investi... , about which states are the best markets to invest (ROI). Any opinions on that?
I count with the biggerpocket community to help me reach my goal and tomorrow be a better biggerpocketer to pay back with my knowledge and good deals.
Thanks,