Cash Flow Markets on East Coast

[Justin B.]

I read Rich Dad Poor Dad About 3 months ago and I've caught the bug to jump into Real Estate Investing.  I have since been listening to pod casts everyday and reading the bigger pockets books and searching for my first property ever since.

I have  approx. $40k to use as downpayment and closing on a conventional loan on my first investment property. I am looking to purchase something within the next 6 months.  Does anyone have any suggestions for  good cash flow markets on the east coast.  I am hoping for something around $100k purchase price as close to move in ready to minimize my risk on the first deal and I was hoping to cash flow at least $150/month.  

I have been scouring central Florida due to the projected appreciation but that market is now overpriced and I'm having trouble finding anything that cash flows below $200k. (Or doesn't need a major rehab, which Im not comfortable doing on my first deal so far away)

I am in Northern Virginia so everything in this area is well above my price range.  Any suggestions for a new market with cash flow potential at $100k purchase price would be greatly appreciated. 

Thanks,

Justin

[Heather Skowronsky]

@James Mc Ree the home you posted is a trailer, located in a trailer park - so yes it is "inexpensive" to purchase but there is also ground rent to pay monthly - and it's a trailer.  A quick search in the northern Virginia area will show you there aren't many affordable homes, not auctions, short sales nor shells.