New investor seeking advice on best strategy/markets to focus on

[James Tarantino]

Hey everyone, I'm 24 y/o from NJ looking for some advice on the best way to get started. I'm currently working a full time job remotely and have been actively looking for my first deal but am struggling on which market & strategy I should be narrowing my focus on. I'm currently debating between trying to find a LTR here locally in NJ or finding a STR that i can manage remotely in a hotspot like Myrtle Beach. My budget is 400k or less which basically eliminates all MFH and leaves me with either single fam or townhomes/condos here in NJ.

Does it make sense to find a SFH in NJ considering how competitive the market is? My ultimate goal is to buy something and hold while using it to cash flow, just struggling on where to focus.

Any advice is greatly appreciated!

[Rick Albert]

Here are some thoughts:

1. When you make posts like this, be prepared to have Realtors come out of the woodwork saying their market is the best to invest it. 

2. Many markets can work. It just takes different approaches.

3. I'm always a big fan of house hacking. It lowers your risk, gets you into being a landlord, and then you can figure out what works for you. But this way you get your foot in the door faster. Plus NJ is likely going to do well. As people get priced out of NY, they have to go somewhere. That's what I have been doing here in Los Angeles and it has helped snowball into buying more properties.