Hello BP Community! Im 21 and have been doing tons of studying and ready to invest in rentals particularly out of state. Looking for any advice you guys may have on figuring out what market to start in and how to proceed as i may have my parents as partners also. Thanks so much for your time!
@Stetson Giralmo - Congrats on getting started so young! Whatever market you choose, just make sure that the price point allows you to maintain decent reserves. You should have at least a year of reserves just in case issues arise, especially if this is your first property. With decent reserves, you can manage the level of risk dramatically. Real estate is all about the long game.
Hi @Stetson Giralmo !
My first investment (closed October 2020) was out of state in Kansas City, MO (see post below). The market you select is going to depend on your goals with real estate. If you are looking to BRRRR, buy turnkey, etc. or if you are looking for cash flow, appreciation, etc.. Also, you will need to determine what factors for a market matter most for you such as economic diversity, population growth, rent to income ratios, etc..
Hi @Stetson Giralmo - I worked with Martel Turnkey to invest in Cleveland, OH to purchase a SFH and they have been in demand off late so check them out. Also, I worked with Roofstock to purchase a property in Memphis, TN so that might also be a strategy you might want to pursue. Let me know if you want to connect and talk about the purchase process on both these investments.