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Updated over 4 years ago,
Newbie to REI (Q #3) - how to pick your first market?
Hi there, I am new to REI and have not yet bought any properties. I live in the San Francisco Bay Area where RE prices are INSANE. While I want to nothing more than to buy a home for my family, we just can't come to grips with buying a $2M home for what we want; - it would end up tying up so much (nearly all) of our capital.
Instead, I am getting more and more excited about REI and plan to buy my first couple properties out of state. My question is how have others picked their first locations? With so many potential markets, it's daunting to start and imagine just throwing a dart at the map to look up various areas.
I know I want: <= $175k first home and likely plan to buy and hold for some passive income on a long-term rental (probably BRRRR method). I do know how to do the research on finding properties, comparing them, understanding the rental market - but there just seem to be so many options!
Advice or pointers appreciated.