New rental owner/ wanting to expand

[Kyle Warren]

Hello,

First time writing on the forum and super excited to be able to connect with everyone! So question is as follows:

Currently have 1 rental property that was my main home that I flipped. It has a main home and mother in law suite that I’m renting both out seperate with very good cash flow. Trying to get into more real estate single family homes. Question with this is, how do you find homes In this competitive market? House prices are so high in my area, and feel like finding the right deal has been exhausting. Have put 3 offers in on houses and all outbid. Is there a strategy people use to go around before homes hit the market?
Some important factors as follows. currently have 40k available for down payment and rehab. Live in Grand Rapids Michigan. Homes range from anywhere between 110K - 300K anywhere from 2-5 bedroom. Rent is anywhere from 1200-2500 depending on rooms bath etc. 

any advice would be great! Thank you all so much!

[Joshua Janus]

Have you considered investing out of state?

I recommend you read this article on OOS investing. It explains the importance of creating your core four. You will need to get a local, rockstar Realtor, contractor, lender, and property manager. https://www.biggerpockets.com/blog/core-four-real-estate-team

As for picking a specific market, I would choose one that has job and population growth with a high median income, and Columbus, Ohio is a great choice. It is a top five appreciating city in the US with an expanding job market, and large capital investments such as the $120 million building purchase by Qatar Bank in 2021. It is a great spot for airbnb and the demand can produce low vacancy rates.