Starting out & starting new - but where? WI, MN, MI or NY?

Question

Hey there!
It's my first post and I'm totally new on here and to this whole world of real estate investing, but I am eager, have a little bit saved and ready to take the plunge.
I'm interested in rentals, wholesaling, flipping, but still just starting out. I wanted to start getting a real estate license as well, wherever I'll end up.

Situation: I've been living in WA and am now wanting to move to the Great Lakes area this fall (gut feeling in combination with affordable prices), but I don't know where exactly. Minnesota seems great and was my first choice when it comes to nature. Wisconsin? Sure, seems nice too if I can find a liberal pocket! Michigan, especially mid to north could be sweet, too. And upstate NY draws me in too (multi families there seem so cheap there...). * I've never been to any of them and know nobody. I'm too flexible it's getting hard to focus.

Question:
From a market point of view as of now and 2026, Is there any region that is already too hot with cash flow getting less and less, or a region that has been solid and will probably continue to be? Can I go wrong with any of these?
So far from what I've read they all seem rather similar, or not? Just learned about the lake effect snow, so that might be something to consider.

I know for myself I'll want to live more rural in a forested area with acreage, but wouldn't mind to house hack in a multi family for a year if it's not too urban.

I'll probably start out focusing on wholesaling to get some more personal cash flow to invest (my current income is location independent), so wherever I move first, that area would be my starting point to look for deals/buyers. And I know that out of state investing is always an option and I wouldn't be too far, but for a beginner I think the closer the better...right?

*I will probably get my MI or NY real estate license as I already paid for an Aceable Agents WA state course and can switch to MI or NY, but not to WI or MN. I could do that transfer later though if it'll be WI/MN.

I'd be very appreciative of any pointers. :)
Hope this post was in the right category...

Thanks!
Lisa

Arman Ahmed · Answer

@Lisa M.

Welcome, Lisa! You’re asking all the right questions.

From what I’ve seen:

Midwest still have some of the best cash flow opportunities.

If you’re brand new, house hacking a small multi near a metro can be a great way to learn while keeping costs down. For long-term cash flow, the Midwest is still one of the most reliable regions.

Since you’ll be moving, I’d focus on a spot that gives you both lifestyle (nature, rural feel) and proximity to a metro for deals and contractors.

What excites you more right now—getting licensed, or jumping straight into wholesaling/investing?

Devin Conley · Answer

Hi @Lisa M. exciting moves! There are some great markets in regions you are describing. The right choice (from an investing side) probably depends a bit on the strategy you want to pursue. E.g. preference for mature cash flowing market vs smaller more volatile market with some growth upside. Also like you mentioned, important to be somewhere you genuinely want to live!

From the data side, here are a few charts comparing historical trends in some of the regions you mentioned. Let me know if there are any other views that would be helpful to see (easy to quickly screenshot)

Lisa M. · Answer

Thanks so much for your insight Abel! I'll check out that pdf and will do some more research of course. And yes, I totally understand that the "fast cash" idea is not ideal or true for that matter. I do plan to do this long term for sure, but I was thinking wholesaling might be the first step into this business to establish a better income to then be able to close deals -  step by step. :)I'll also check out more books on here. It'll be a long process. All the best to you as well!

Abel Curiel · Answer

Hello Lisa!

Welcome to the BiggerPockets forum!

A great place to start is BP's Top 100 Cash Flow Markets which includes insights on population growth, rent growth, median income, unemployment, etc.

As a newer investor, the closer you are to the property, the better. While you can certainly invest from far, you'll still need to manage the property manager.

Lastly, I like the idea of getting licensed so long as you're committed to treating sales as a long-term business. I don't really believe in wholesaling or RE sales as way to earn fast cash. Instead enter the business with the intent of establishing a foundation for a 10+ year business. Quick-cash in these businesses is largely a myth IMO. You'll likely need to invest thousands of dollars and hundreds of hours before closing your first deal but if you do it all with intention, you'll have a system for consistently generating leads & deals.

The BP Bookstore has some great books from David Greene and others regarding wholesaling and being a successful RE agent.

All the best!

Abel