Looking to get into REI, starting with $140,000.
The thought of buying cash flowing rental properties interests me. However, I'm from Long Island, NY and cash-flowing deals are very hard to find. I'm considering purchasing out of state but don't know which markets I should look out or how to find deals in said markets. I'm 20 years old and have about $105,000 outside of retirement that I'd love to do something with. However I lack the confidence and knowledge to get started. Any tips?
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@Erik R Aho, you'll need to leverage debt. As noted above, a non-QM loan product such as DSCR could be suitable if you don't have a W2 track record. However, before you do anything or speak with anyone, read "Long-Distance Real Estate Investing" by David Greene. I suppose house hacking isn't an option for you at this time? Everyone on this site will be pitching their markets. Make sure to verify all information and ideally speak with an experienced investor who acquires in the respective state before proceeding.