Choosing the best location for a rental?

Question

Hi all,

So i'm brand spanking new to all this. Have been doing tons of research on youtube and have been reading David G's book on out of state real estate investing. I just started the paperwork on a HELOC on my home in NJ and i'm anticipating getting between 80 to 100K. I've been leaning more towards getting my first rental in Florida because its much cheaper to houses in NJ and I have family that lives in Ocala, Florida. Also my dad has a flooring business so I figured if I got something in Florida he would take care of my flooring needs. Any tips on best practices when shopping around for rental properties in Florida? Like best areas to concentrate search on and reliable property managers maybe someone here has used.

Thanks in advance

Aaron W. · Answer

@Michael Cortez Excited to hear you are making the leap into real estate.

Before you begin, what is your why in investing in real estate? What goals do you need to accomplish your why? Are you looking for cash flow or appreciation? Do you need cash flow now or can it wait? What is your appetite for rehab?

The question above will help give you some direction on what and where you can start your real estate journey. Florida may be good because you have connections there, but make sure it is in alignment with your goals.

Best of luck!