Best market for a newbie?
So I am in the planning stages of starting my real estate investing career and obviously a very important piece is planning the right market to start in. My strategy is to buy and hold small multifamily units that are cash flowing and, ideally, appreciating as well. I have looked at some markets and realized that they are flooded. I want to get into a market that is profitable - that is affordable, with high rents. My starting range is properties in the 100-120k range. Does anyone have suggestions?
The markets I was originally looking at were Phoenix, Houston and LV. However, it seems like they are very competetive markets. For me to be successful out of the gate, I'm thinking I need a market that isn't as busy. I have a couple other ideas, but I would love to hear what ya'll think.
Thanks!
Most Popular Reply
Welcome Tyson,
Others will argue but my rule of thumb especially for small SFR/MF is 2 hours travel distance (include airport wait time).