Looking to invest in real estate (rental or flip) but I'm facing a couple of challenges-
1) I live in DC and own my home. I have about 200k equity in my current home.
2) I have no debt except for my mortgage. No credit card balances, no student loans, nothing- Both of my cars are paid off, I have about 25k saved up
3) The challenge- DC and surrounding areas are expensive. I looked at some homes in Baltimore priced under 100k but they were located in bad neighborhoods. I looked into other areas which I was familiar with and most home prices started at 250k. The higher the price, the more money I have to put down which I don't have right now unless I dig into my equity.
4) I was thinking of sticking to my 100-150k budget and invest out of state- but again, I don't know where to start. I thought Delaware, WV, PA and even as far as Detroit.
I see a lot of potential across the country but I don't know anything about these markets. I can work with an agent but that would also require me to fly out and familiarize myself with the area and see the properties listed- I'm thinking that I should stick to what I know and/or buy in a part of town/state with easy access. (Philly is 2 hours way)
Anyone investing in baltimore or the surrounding area? Any advice for investing out of state? I'm really lost and confused and have no idea where to start. Thanks
@Mike Shahi 2 hours away might as well be 10 hours away, once you get everything set up you don't need to be there that much. I've found that just by setting a budget and window shopping properties you can get a good feel for an area before you even contact an agent. Once you do make contact you get even more local context.