New To Real Estate Investment

[Abel Asfaw]

Hello, 

I am based in NYC and new to real estate investing. So far I have been reading Rental Property Investing by Brandon Turner. I am interested in single family rentals or multifamily. However I am in a very expensive market and the barrier to entry is very high.  Are there any experienced investors in the city whom I can connect with to ask questions? I am also looking into out of state turn key properties, especially Dallas. Does anyone have recommendations which cities I should look into?  

Thanks,

[Mike D'Arrigo]

@Abel Asfaw I'm assuming you're in NYC. If that's the case, it's not just the barrier to entry that is the problem. It's the lack of cash flow, high property taxes and unfriendly landlord/tenant laws. If your goal is cash flow, you'll have no choice but to go outside. That's not as scary as it might seem. People are doing it all the time. To evaluate and choose a market, first look at states with low to moderate property taxes and insurance which leaves out Texas, and which are landlord friendly. Then identify the metropolitan areas within those states that have growing populations, growing jobs, strong incomes and modern/diverse economies. Don't look for cash flow alone, You'll never get wealthy from cash flow alone. Real wealth comes over time from rental income and equity.