Looking to buy my first property in cash.

[Luke Capozzoli]

Hi everyone, I’ve got about $80k to spend on my first investment property. Preferably looking for a turnkey place ready for renters. I don’t intend to ever see the property, just want to buy it remotely, and let a prop management group do the rest while I sit back and make a little money on it. So I’m here asking to see if anyone recommends a particular city or state to do this in.

[Larry Fried]

@Luke Capozzoli What I'd suggest is that before you jump in and select a property, that you visit the market and the team you are considering working with.  Investing out of state carries additional risks, part of mitigating those risks is to be thorough in your due diligence.  Turnkey is relatively passive, but not entirely.  Make sure the property management is solid and has an outstanding track record if possible, with longer tenant occupancy.  Turnovers are likely to be one of your greatest cost - expenses and loss of income.  

If you are going to buy with cash, be sure to still get an appraisal to make sure the property is worth what you are paying.  And of course always get a 3rd party inspection.

As far as locations, there are lots of markets - primarily in the midwest and southeast - where you can do well for cash flow at least on paper.  More important than the market is picking the right team to work with.  

All best in your REI!