How to research new markets?
Hi everyone,
I'm a new investor looking to purchase my first 3-4 unit deal and need some advice. These types of units in my current market go for more than $200,000 with rents ranging $850-950 for two bed rooms apartments. Since I don't make a lot of money and I don't want to use partners for every deal, I'm looking into 2 different city's that are about 1 - 1 1/2 hours away from me. Compatible houses start at $130,000 with rents ranging $650-$750 for 2 bed room apartments in these two areas. I have 20k to start off with, option for FHA loan, parents who would fund repair costs. My goal is to get into commercial real estate or purchase enough properties for finacial freedom. Here are my questions-
Is looking in new areas within driving distance a good idea for the goals I have?
What steps can I take to research these new markets to know what my best options are?
Should I look into foreclosures as a BRRR strategy since I have partners for repair costs?