Looking for my first deal
Hello, BiggerPocket community...
As with most others posting here, I am looking to get my start in the REI world. I have been spending a great deal of time learning, observing, and even placed my first offer on a property that penciled above the 1.0 ratio for my pre-approved DSCR loan. Unfortunately, there was another offer that was full price with an escalation clause.
Though I live in SoCal, I am looking for deals most likely out of state. The carrying cost vs rental income spread here is just not conducive to an investor of my size at this point.
The rough numbers, if they'd help, would be a carrying cost of PITI approximately $1700 including landlord-specific insurance and moderate property taxes. Approximate purchase price around $250k with the minimum closer to the $200k range. There is room to go higher if need be for a better cashflow positive property.
Ideally, I am looking for opportunities in the midterm rental market. In many areas I've seen, this will allow me to be clear of STR ordinances and restrictions while also fetching a higher monthly gross than the long term rental market.
If you have any suggestions on decent cashflow-positive areas to look at (anywhere in the US), please let me know.