First time investor and which markets

[Michael Delgado]

Hey all,

I am looking for some advice as to what to do. We are looking to start our real estate journey and hopefully own enough doors to retire early. Me and my wife are 41 and have access to roughly 500k in assets such as stocks that we would like to shift towards our housing journey. We both are teachers in NYC so even if we retire early we will have a decent pension as part of our income. My question is... where would you begin? We would love to be in driving distance for our first property but realize that anything drivable from NYC isn't the best ROI. Is there a market that anyone suggests for growth and or decent roi not in the NYC area? I see people mention areas of Ohio, Texas, and Florida. Also, would you do single family homes or multi?

I have been a long time lurker and love the wealth of info you all provide and finally looking to jump into it.

Thanks a bunch,

Mike

[Steven Foster Wilson]

Quote from @Michael Delgado:

Hey all,

I am looking for some advice as to what to do. We are looking to start our real estate journey and hopefully own enough doors to retire early. Me and my wife are 41 and have access to roughly 500k in assets such as stocks that we would like to shift towards our housing journey. We both are teachers in NYC so even if we retire early we will have a decent pension as part of our income. My question is... where would you begin? We would love to be in driving distance for our first property but realize that anything drivable from NYC isn't the best ROI. Is there a market that anyone suggests for growth and or decent roi not in the NYC area? I see people mention areas of Ohio, Texas, and Florida. Also, would you do single family homes or multi?

I have been a long time lurker and love the wealth of info you all provide and finally looking to jump into it.

Thanks a bunch,

Mike

 Hey @Michael Delgado, first of all welcome to Bigger Pockets. Investing in the right market is always one of the biggest decisions you have to make on your real estate journey I'd choose the in-state option for starters provided that your local market can give you that 1-2% rule deal and if it's affordable. If that isn't available locally, then you should consider out of state investing but do your due diligence.

There are a lot of out of state markets to choose from but before jumping in on this, make sure you have the right systems in place. Get a professional project manager, build a reliable team and get proper education of the market you're investing on.

The risk will be there but you'd be able to lessen it. The key is to make sure that you have those systems in place.

You can learn more from this link here: https://www.biggerpockets.com/...

Choosing which out of state market to put your investment on will depend on your goals. My personal recommendation is if you're looking for cashflow. Look into Cleveland, its got good cashflow potential with appreciation happening as well.

Looking for appreciation come to Columbus, there are still 1% deals, but the more attractive part is the population growth and other economic drivers.