New to Real Estate

[Regina Hoffman]

Hey everyone!

I’m just getting started in real estate investing and wanted to introduce myself and connect with others who are active in the space! 

I’m planning to purchase my first out-of-state rental property around summer 2027, and I’m taking the time now by learning as much as I can. Right now I’m primarily focused on markets like Cleaveland OH and Indianapolis IN, aiming for a cash-flowing property (ideally around $200+/month) in a stable, rental-friendly area.

At this stage, I’m:

• learning how to quickly analyze deals (rent-to-price ratios, expenses, etc.)
• trying to understand which neighborhoods and property types actually perform well
• beginning to connect with property managers, agents, and other investors

My biggest focus right now is building a strong team before I’m ready to buy.For those of you who have done this successfully:

• how did you go about finding and vetting your first property manager?
• what should I be looking for early on vs later when I’m closer to buying?
• is it better to build relationships slowly now, or wait until I’m closer to purchasing?

If you invest in Cleveland or Indianapolis (or similar Midwest markets), I’d love to connect and hear what you’re seeing right now in terms of:

• price ranges that actually cash flow
• property types that perform best
• common mistakes to avoid as a first-time investor!

Appreciate any advice or tips! 

[Allie McAlister]

Hey @Regina Hoffman

Welcome to Bigger Pockets! The questions you're asking here are all really good. I can't speak for the Cleaveland and Indianapolis markets, but I would definitely recommend peeking your head into the Memphis market before you settle on where to get started. I'm an investor focused Realtor here in Memphis and there's a few reasons other investors we work with have been successful in this market. 

1. Strong rent to price ratios ( i.e. buying a property for $100,000-150,000 that will rent for $1,100-1,600)

2. Landlord friendly laws make it easier to deal with sticky tenant siutations when those arise.

3. Strong, consistent market with low volatility 

4. We can help you build your boots on the ground team!! Contractor, property manager, investment banker, and your deal source is going to be your " Fab 4" anywhere you invest. 

Happy to connect if you have more questions about the market and how we help our out of state clients start and scale successful rental businesses here in Memphis. 

Best of luck!