New and eager to learn

[Madan Chopra]

Hi, my name is Madan and I am new to real estate investing. I live in California and own an investment property (Condo) here - although I still think of that as something that just serendipitously worked out vs. something that I meticulously planned out. Both my wife and I are in an 8-5 job, and we have been thinking about how we can replace one of our salaries through REI in the next 5 years. I have been reading, trying to learn more about the topic and also doing a bit of independent research on locations to invest in as an out of state investor (since CA just seems to be out of reach). Coincidentally I learned about BP from a book i am currently reading - The book on rental property investing whose author seems to be one of the team here. I just signed up today and i already see a lot of good advice. Are there any recommendations on states/cities that are preferred by out of state investors with a low initial investment threshold (150- 200K)? I was considering Columbus, OH, Montgomery, AL and Georgia as possible locations. How do people generally get started -- do you look for turnkey companies or individual real estate agents that can help?

Thanks

[Allie McAlister]

Hey @Madan Chopra

Welcome to BP! I'm an investor-focused Realtor in Memphis TN, and I've worked with a lot of clients that are exactly like you. Interest din out of state investing because CA prices are not convenient/workable, and are looking to replace 9-5 income with investing. If you're still narrowing down markets, I'd recommend taking a good look at Memphis. Rent-to-price ratios are great, the laws are landlord friendly, a nd we have an entire team built here already that you can use to scale a rental business. Happy to hop on a call to give you more info. 

Best of luck!