Buying and holding at market value??

[Tina D.]

Hello everyone, I am new to Bigger Pockets and the real estate investment world. I have been reading, studying, creeping on the forums, listening to podcasts, etc. for months am finally feeling prepared and ready to start on my first property. My strategy will be to buy and hold properties as I am looking for passive income.

HOWEVER....I cannot seem to find a property to start with. I am looking in a pretty specific area in Cincinnati, mainly because I know the area very very well, and I know it is a very strong rental market. It is also a hot area to buy so many properties are going into multiple offers or even above market value. So without cash (I will be financing), I am having trouble finding a good deal.

Is it not smart to buy a rental property at market value?? The rental market here is very strong, so I know I will have positive cash flow, but everything I have read says to go for 70% LTV only. How in the world do people do that? Really struggling with getting started...

Thank you so much!