Best Place to Start Your Real Estate Journey?

Question

I'm not tied to any place in particular, but I definitely want to start investing in real estate. My job is in Vermont, but there doesn't seem to be any good entry level deals here for me. Does anyone have any advice for me? Which markets are best to be a land lord in?

Tanvir Sattar · Answer

@Aemon Gariety have you given Ohio any thought? There are tons of out of state investors who take advantage of the low entry level deals in the buckeye state.

Noah Chappell · Answer

@Aemon Gariety why don't you look into markets in New York which is right next to your state, like Buffalo, Rochester, Syracuse?

Marc Rice · Answer

@Aemon Gariety

You can make it work being a landlord in any state but some have less barriers to entry. That’s why I love Columbus, Ohio where you can find homes starting at $50k (in C neighborhoods) that cash flow strong. Wherever you invest it’s important to build your local team of agents, property managers, contractors, and lenders.

Noah Chappell · Answer

@Aemon Gariety I agree with @Brett McManus, I think it's really just about learning the rules of the game, and being the best player. There are winners in every market. In my mind proximity to the property, at least in the beginning trumps local laws, but that's up to your preferences. If you're really wanting to go towards the most landlord friendly states only, maybe look up Clayton Morris' YouTube video explaining which states these are.

Aemon Gariety · Answer

Thank you everyone for your input and support! It seems like everyone pretty much agrees that Columbus, Ohio is the move right now. I'm definitely going to take today and read that book.

I think from what I've seen, I'd prefer single family homes. But I'm pretty sure multifamily homes is going to see more growth for me starting out, especially since I could move into one myself and only pay 3% - 5% down.

Finding a realtor, a loan officer, a contractor, and a property manager sounds like its going to take some trial and error. Are there any suggestions on what I should be looking for? Obviously they should reply quickly when I need something and they should be reliable. Is there anything else I should be looking for?

Doing your first deal is really really nerve racking. I keep questioning if I've run the numbers correctly, or worrying about the risk associated with buying your first home incorrectly. I can see how having a mentor in real estate can be the difference in being really successful or having a really bad experience and getting out of the game completely.

Marlen Weber · Answer

Be sure to do market research on the top markets to invest in for this year. This will also vary depending on the type  of investment you are after. For example, SFH or multifamily. @Aemon Gariety

Brandon Sturgill · Answer

@Aemon Gariety What are you looking to accomplish...what are the basics? Asset type, class, condition, location??? You can find comparable deals in almost any Midwest city, but if you go out of state work on your team. And make sure the market has a very bright economic outlook on the horizon with proven growth to date.

Ryan Mainwaring · Answer

@Aemon Gariety Checkout this article on best landlord states

https://www.biggerpockets.com/...

Remington Lyman · Answer

I recommend you read this article on OOS investing. It explains the importance of creating your core four. You will need to get a local, rockstar Realtor, contractor, lender, and property manager.

https://www.biggerpockets.com/blog/core-four-real-estate-team

Columbus, Ohio has seen a rapid growth in jobs and population. I recommend you look into this market first.

Ronnie Galindo · Answer

@Aemon Gariety, it all depends on what type of home you want, what kind of equity you are looking for (strictly cash flow or appreciation or both!), and overall how much money you'd like to spend. I would read David Greene's book Out of State investing (which @Remington Lyman is referring to Greene's article for the core 4). I would also highly recommend getting a PRO membership because then you can watch the webinar on picking a market as well as using the calculators to analyze deals (trust me, you will analyze A LOT of deals). Columbus (as the Reafco guys have said) is a great market with both cash flow and appreciation. But don't take anyone's word for it, analyze it and figure out if it will work for you.

Good luck and don't be afraid to connect with people here!

Best Place to Start Your Real Estate Journey?

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