Beginner Looking for Guidance in This Space (Affordable Markets, Midwest & South)

[Jardin Gwin]

Hi everyone,

I’m a beginner real estate investor looking for guidance as I work toward purchasing my first rental property. I’ve done a lot of research, but now I’m taking action and need advice from experienced investors.

My Background & Current Progress:

• I’m working full-time while attending college, looking to start investing early to build wealth.

• I’m currently in Atlanta, GA, but I’m open to both in-state and out-of-state investing.

• I’ve started looking at affordable markets in the Midwest and South and have recently focused on Northwestern Pennsylvania after speaking with an agent there.

• I’m also in contact with a property manager in PA to ensure I have the right team in place.

• I’ve spoken with Sophia from BiggerPockets as a starting point and have watched a lot of YouTube videos, but I need guidance on taking the next steps.

Investment Criteria:

• Budget: Looking for a turnkey or move-in-ready property between $30K–$100K in the Midwest or South (PA & GA are my current focus).

• Down Payment: Planning to put down 15%–20% to keep my monthly payment low.

• Cash Flow: My goal is to keep total expenses at $600/month or less (including mortgage, taxes, insurance, and property management).

• Minimizing Debt: I want to avoid overleveraging and maximize cash flow from the start.

• Property Management: Since I’m investing out of state, I’ll be hiring a property manager to handle day-to-day operations.

Where I Need Guidance:

1. Best Markets in the Midwest & South – Are there better affordable areas I should be considering within my price range?

2. Finding Deals – What’s the best way to find turnkey or low-maintenance properties in this price range?

3. Financing Strategies – I’d like to put 15%–20% down—what’s the best way to secure a loan with manageable terms?

4. Avoiding Beginner Mistakes – What are the biggest pitfalls for a first-time investor, and how can I avoid them?

5. Working with Property Managers – What should I look for in a good property manager to ensure smooth operations?

I’m excited to get started and really appreciate any advice or insights from those who have been through this process. Thanks in advance!

Best,

Jardin

[Michael Dumler]

@Jardin Gwin, this is probably not what you want to hear, but you're not ready to invest in real estate yet. The property will be in an absolute war zone at a price point of $30k—$100k. Feel free to take or leave my advice, but I think others will agree that, for now, you should focus on maximizing your savings rate, building your credit, paying off any owed debt, and house hack your first deal—just my two cents. In the meantime, start with REITs if you're gung-ho on investing.