Choosing an Out of State Market

[Mitch Parsons]

Hey all! 
My wife daughter and I live in Denver. My wife is wanting to stay home with our 11 month old but it is not realistic financially. We have made almost 150k on our home and I am looking to pull what I can with a HELOC and invest.

I am thinking to start I would like to find a couple of cash flow properties but choosing a market has caused analysis paralysis. What are some of the metrics or KPIs that you would suggest using to decide what market to jump into? 

I have a friend who moved his family to STL and has built an 8 million dollar, 40 unit portfolio over the last 2 years using the BRRR method but I would like to replace my income of my w-2 with less risky properties before I can commit the time needed to manage a BRRR business.

Any suggestions, insight, or wisdom is greatly appreciated. 

Thank you! I look forward to connecting with you.