Advice on What Location to Buy my First Investment Property

[Account Closed]

Hi Everyone,

I'm new and very excited to be here, lots of great information.I'm looking to buy my first investment property and hoping to get into a multi-unit hybrid (cash flow + appreciation). I'm very open and eager to suggestions on where I should look and why. Thanks a lot in advance!

[Marshall Leipprandt]

@Account Closed Welcome Nkechi! You could have 100 different responders to your question give you 100 different places to buy that all makes sense. I recommend brainstorming where you have a connection to (where you live, where you have family, where you would like to vacation, etc.) to help formulate a list of 5-10 markets that you would be interested in. Do some research on each market and learn about the economy, historical price appreciation, rental laws, crime, schools, etc.

Once you have these 5-10 areas, then re-post asking about BP member feedback in those markets and things to watch out for or why they make great investment areas. There is also some criteria that you should provide such as your general budget, method of financing, etc. This will help us BP members get a better idea of where you could afford and which strategies you could use. A $300K budget could either potentially mean 3.5% down with an owner-occupied property or could require $60K down (before closing costs) if you're doing a non owner-occupied conventional...and $300K can't get you a whole lot in many markets so price is important to clarify.

The reason I'm giving this advice is because there are so many successful investors on BP crushing it in literally every corner of the United States and beyond. Therefore, responses of the best places to invest will simply be overwhelming (and biased).

I'll be following this chat to see if you have any criteria to provide, but welcome again to BP and kudos to you for making the decision to pursue real estate. If you stick with it and put in the work, you will not regret it!