Advice for a newbie looking to start out.
Good day fellow Biggerpockets members! So for the past 3 years all I have done is prepare for my real estate investing journey. I have tripled my income, built a strong credit score, saved money for a DP, read books and listened to podcasts, and even taking courses to get my REA license. Yet for all my preparations and planning, I still feel unequal to the task of Real estate investing, particularly out of state investing( Im from California). But I firmly believe that real estate is my path to financial freedom. My goal is reach $5000/month passive income, and I plan on achieving that through gaining 200 net cash flow per door. So I would have to have 25 properties to reach my freedom number. I believe through working hard, being dedicated, and working with integrity, anything can be achieved!! So my questions are as follows:
1) For your first deal is better to fly solo or with a partner? What if you don't have any available partners, how do you find one?
2) What do you do if you find yourself looking at a hot market, in my case Columbus, Ohio. Do you make the market work for you or look elsewhere?
3) For picking a state, I have settled on the Midwest, particularly Indiana and Ohio. I am looking at landlord friendly laws, low property taxes, low median home prices, positive population growth/migration, low unemployment rates, diversity of employment, good schools, low crime. Am I missing anything?
4) I didn't realize that it could possibly take a while to find a deal. How long does it usually take to find a good deal?
5) There's always the debate between cash flow and equity. I want to get both, but from what I understand it's always either one or the other. Is it possible to find a hybrid market? Do those still exist?
6) For my first out of state investment property should i look for a property with light repairs, or look for one that needs alot of rehab but potential for equity?
7) Should I fight for proerties on the MLS or look for off market deals?
Anywho I realize this an extremely long post. For those who took the time to read it, my gratitude. Any advice or tips will be greatly appreciated. Thank you, have a blessed day!