Great markets for out of state beginners?
Hello Everyone!
I originally planned on buying my first rental property here in my home state of California however, I am having a hard time finding cash flowing properties within my price range and for what I qualify for. So I began looking at other markets and was amazed at how much easier it was to locate cheap homes with decent to great cash flow. Indianapolis and Cleveland just to name a few. With Out of State investing being the option that fits my financial situation better, should I attempt to make my first deal outside my home state? Or should I first get my feet wet in my local markets first? I would also gladly accept suggestions for any markets that are great for first-time investors.
Details:
I currently have about $20,000 I am willing to invest for real estate. That's including down payment and repairs.
I was Recently pre-approved for about $200,000
Traveling to different states would not really be an option, aside for maybe once if I was committed to a specific location.