Beginner looking for advice

[Nick Johnson]

Hello everyone,

I have been looking to get into real estate for sometime and finally want to take the next step and secure my first property. Over the last few months I’ve been trying my best to learn as much as I can to gain knowledge in the business and help me make good decisions. 

My first issue is I live in a HCOL area (NY) and investing locally seems like numbers are not worth it. I’d have to spend big money on a downpayment and most properties won’t even cash flow enough to make it a good deal.  

I am now trying to learn as much as I can about investing out of state. I finished reading long distance real estate which was very helpful in showing that it is feasible to buy properties out of state. 

I have a good full time w2 job so coming up with a down payment is not an issue. I just am having issues feeling confident in an out of state market that I have no clue will be good. 

I’m looking for advice on what I should be doing to get where I need to be. So far I’ve read long distance real estate, rental property investing and abcs of real estate. I’m also reading forum posts and listening to the bigger pockets podcast when I can. 

My goal is to buy my first rental property this year, preferably a duplex and would like to get to a point where I feel confident to put my money down and make my first deal. I currently am not a homeowner so this would be my first property all together. 

Thank you for the help. 

[Min Zhang]

hey Nick, since you are looking to buy your first rental property, I recommend you starting with a turnkey rental. It's the easiest way to try being a landlord without dealing with tricky renovation projects. I also recommend you checking out the Ohio market. I personally love the Cleveland market for its cash flow. I invest heavily in this area as an agent. I grew up on the east side of the town with a well versed knowledge of the neighborhood. I am happy to send you my neighborhood grade map to help you get started. Let me know how I can help!