Newbie interested in out-of-state Investing

[Rochelle Duong]

Hello there!

I'm currently looking to get my foot in the door regarding investing out of state. I currently live in a very expensive market (Los Angeles, CA), and recently just paid off all my student loans, have a stable income, and excellent credit. I still live with my family, and our house is paid off, so I currently don't owe anything. Generally, my next steps include saving up and doing research on various investment opportunities out of state (i.e. Nevada, Florida, Michigan, Arizona), networking with local real estate investors/agents, and taking a couple trips to survey properties once I have enough saved up. Does anyone have any further insight on this? 

I've been listening to David Greene's audiobook on investing out of state, and listening to a few BP podcasts for inspiration and insight. Wanted to be more active on BP now that I got one financial hurdle out of the way.

So far, I reached out to a lender regarding what type of loans I could be pre-qualified for, and from my understanding, this shouldn't affect my credit score. Should I talk to several banks to see get different pre-qualification rates? 

[Kathleen D.]

@Rochelle Duong What markets are you looking at?  I think the midwest has low taxes and high cash flow.  Much higher than in CA for sure!  I just closed a couple months ago with my first few turnkey rentals that are going very well.  We will likely contract 2 more next month as well.  I would recommend touching base with zach lemaster at rent to retirement.  He has been a great resource for my husband and I to start building our out of state portfolio!