First Time Investment Property Buyer

[William Silva]

Hello BP Community,

I've managed to save up around $90,000 to invest in my first rental property. I live in Miami, FL and don't want to buy here since prices are incredibly high.

I want to invest in growing communities, not exactly sure if I want to buy an AirBnb as my first out-of-state investment or 3-6 month short term, or a 1 year+ property. Also not exactly sure which state I'd want to invest in.

Questions for you who do this successfully:
1. What has been your favorite state to invest in? (some of my own research: Georgia, SC, NC, OH, TN)

2. What is your favorite renting strategy in that state? (Airbnb, short term rental, 1year+)

3. I know I have more questions but I've drawn a blank... I'm sure with your responses, I will generate more questions.

Thank you for all the help! Gd bless

Note: I'm a licensed Realtor + MLO in Florida.

[William Silva]

Quote from @Scott Allen:

@William Silva Miami is a fun/diverse city but expensive for starting out. If it's possible to buy a house hack there that can make sense with your lifestyle, it's worth looking into. You'll learn more quickly about ownership and management since you'd be able to self manage it. 

If short term rentals excite you, make sure it can still work as a long term rental as well. 

1. I'm in Ohio - it can seem boring sometimes but I look at it like a base, the weather can be bipolar in the winter and spring but no natural disasters happen here that don't let me sleep like a dog at night, I travel south a lot too during the winter months here. I focus on BRRRR's and only do longterm rentals. I've been to Charleston SC and would consider something there if it made sense/wanted to relocate.

2. Longterm/1year+. Typically from the months of April-October, I can get my units filled within 1-2 weeks if priced competitively and in turnkey condition to get market rents. You can still get units filled during November-March, it's just colder so traction seems slower with tenants - during those months, I personally think you have to be more competitive with what you're going to ask for in rent versus what's nearby that's available/better if not same condition. 

3. I think it's good that you've researched at least 3-5 markets so far. Pin point one that you want zone in on and get after it.

 Thanks for the insight! - I'd like to do LTR, especially if I'm doing out of state. Less maintenance