First Rental Property - 24yo investor

[Dean Lupowitz]

Hello everyone,

I want to start investing in real estate this year. However, I feel as though I am stuck in "analysis paralysis" in making decisions. I plan on investing out of state and am looking for guidance or a mentor for someone who has been in my shoes. 

GOALS:

1) My short term goal is to find something that I will be in for no more than $40,000 between down payment, closing costs, and rehab and will cash flow right away.

2) My medium term goal (2 years) is to have 6-10 units that are all cash flowing

3) My long term goals (5-10 years) is to have a multi-million dollar portfolio mix of residential and commercial real estate

Things that are stopping me:

1) Choosing the "right" market. I feel that it is impossible to actually get started without having picked out a specific market. Areas that I have been looking are:

- Detroit MI

- Cleveland OH

- Birmingham AL

However, when I think about pros and cons, the pro's are that it seems these properties fit my budget of 40K out of pocket but the cons are that the neighborhoods appear to be full of crime and could lead to ruining my actual investment. Being that I am looking to build a rental portfolio, I would want my first 5-10 properties all in the same neighborhood to make managing these properties more convenient. 

2) Section 8 versus Not Section 8. As a 24 year old, I see all these social media gurus that talk about how great section 8 is and guaranteed rent, but no-one talks about possible cons. Does anyone here have experience in both ? Multi-family versus Single Family?

Once I have these 2 decisions made, I think I will be able to move forwards quickly and confidently. I am also a lender, so financing will be no issue for me.  I look forward to hearing from you all!