Looking to buy first rental property cash at 22

[Alexander Schnidt]

Hello, 

My name Is Alex I'm 22 and have recently sold a home I inherited and am looking to buy a rental property. I'm buying cash and my main goal is making as much monthly profit as possible. But also want something that will appreciate while renting it out. I have a background in construction and am able to fix my own property to an extent. I'm also interested in flipping and alsi buy and hold properties. I have experience being a landlord renting out the home I'm currently selling. I'm looking In Orlando and other Florida cities. Also in Houston, San Antonio and other Texas citys. I'm interested In some less hot, but high rent markets like Chicago and some New Jersey Cities. Im looking everywhere for the best deal and am looking at all possible investments. SFH, MFH, condos, townhouses. Any help or advice is appreciated. I don't know much about the markets I'm looking at.

Thank You,

Alex Schmidt

[Peter Ledger]

@Alexander Schnidt There's a lot of differing opinions out there on what and where is best. What your first step should probably be is define the WHAT, and that can lead you to Where you should probably do it.

If you want to flip, what kind of flips? High end or low entry? If you want to rent, what is more important to you: cashflow or appreciation?

What I can say is that if I were 22 and had your resources, I would look into house hacking. Find a quad that needs some work, buy it with cash, rehab it, live in one of the units, rent out the others, refinance to get your cash back(with a home loan since you live there. The other rents will cover your mortgage), then move on to the next one.