Help Choosing a Market

[Stuart Schlarf]

I have worked as a seasonal employee for the past 4 years.  I am ready to buckle down for a few years to focus on building a portfolio of rental properties.  The decision to move to a market instead of trying to invest from a distance is.

1 This will be my first deal.

2 It will be easier to network and learn the market by living in it. 

3 I believe it will greatly boost my ability to grow my portfolio and help me get over the fear of my first few deals by seeing the properties, neighborhoods and meeting face to face with the people I am working with (agents, contractors, etc.).

I am looking to invest this fall in a duplex, triplex or quadplex with the help of a FHA loan and house hacking. I will plan to keep buying properties as deals arise with whatever means necessary (conventional, private lender, partnerships). The region I have been looking in is between Michigan and the Carolina's. I keep researching different cities like Grand Rapids MI, Lexington KY, Huntington WV, Johnson City TN, on down to Florida and I just get lost in the fog of numbers making it so nothing stands out as a great market. Any advise on choosing a market will be appreciated.

[Cameron Tope]

@Stuart Schlarf awesome to hear your decision to build a rental portfolio! I too worked a few years then realized I needed to build wealth/passive income. 

One tip: just don't get too caught up in analysis paralysis. There are deals in every market. Pick a market and find a few deals. Get your feet wet then step back and see if you want to pivot. There are so many skills to learn from your first few deals that you'll need for the rest of your investing career. 

I think @Brandon Turner has said it many times - you're not going to get rich off your first deal and you're not going to go bankrupt either. 

Best of luck!