First multi family out of state

[Stephen Brossard]

I’m looking to acquire my first rental property, leaning towards multi family. I currently live in Michigan, but I plan on moving to Florida. Should I be looking in Florida? I’m not experienced with being a landlord, so I wasn’t sure if I should first acquire a rental close to home to learn the ropes or if I should just look into Florida with a property management company since I plan on moving there within the next to years. Any advice?

[Min Zhang]

Hey Stephen! Welcome to BP! I recommend starting with a turnkey cash flow rental is a good idea. It's the easiest way to try being a landlord without dealing with tricky renovation projects.

If you're considering other states, I like starting in the Midwest because it's affordable and offers good cash flow. Following David Green's Core 4 strategy (realtor, contractor, property manager, and lender) gives confidence to invest anywhere. I focus on Columbus, Ohio, which has seen significant growth, especially with tech giants like Intel, Meta, Amazon, and Google setting up operations, driving up property prices and job opportunities. 
 

Let me know if you need assistance!