Finding local markets
Hello everybody.
This is my first post.
I want to get involved in RE investing to generate cash flow. So far I stared by reading books, listening to podcasts, and generally learning the lingo and trying to wrap my head around all of this.
Based on what I figured out so far, I am leaning towards buy and hold for cash flow strategy and I am leaning towards single or multi (2-3) family houses. I realize that I will need to have several such investments eventually to achieve the cash flow that I am looking for.
In addition, I would have do out of state investing with property manager. I live in NYC and absolutely cannot afford and don't want to invest here.
I have about $10-15K that I can put into my first investment. I figured that something in the $50-70K range is where I want to start. Also, it would have to be in property in a fairly decent shape so that I would have to do (or rather hire out) minimal updates.
How can I go about narrowing down the markets where such RE can be found? I know there are areas of the country where these prices are normal, but being from NYC I have no idea how to identify these areas? Random googling and zillow browsing did not lead me to anything.
Any other suggestions that you can offer please do so.
And I do hope my plan (first time, out of state investment with property management) doesn't sound too unrealistic.
Thank you