Is this a good idea?

[Ellie T.]

I am a busy Single mom from Boston, and will not qualify for FHA. I have $50K cash in hand to invest, and due to my current commitments was leaning towards MF buy and hold rental properties with the goal of building a 5 property retirement portfolio (I can invest 30-50K/quarter so this will be my first). MA is priced way too high ($50K at 25% down will only allow for a $200K property which means almost nothing in MA- maybe I can find something in Rhode Island). Investing out of state concerns me due to the distance/remote management and my lack of experience.

What would you do?

Can you recommend a management company and a locale where I can make this happen?

I am busy studying as much as I can, but would love some direction from experienced investors like the amazing ones I found at BP.  Thank you all!

Ellie

[Cory Binsfield]

I have no experience managing remotely. That being said, I'm  looking for a new market for multi family to create a lifestyle business. Maybe my search criteria that I'm working on right now might help. 

• Good property management team.
• Stable cash flowing market with diverse employment in an area I would enjoy visiting for extended periods 
• Landlord friendly state. Many states make it difficult to evict bad tenants or make it difficult to comply with local ordinances and zoning. For example, TX is very landlord friendly and Houston has no zoning.
• Tax friendly-my state is brutal when it comes to state income taxes, FL, TX, TN and AL are tax friendly.
• Near a major college for diversity
• Easy access via flight. Need an area where it's easy to find a cost effective plane ticket. 

You mentioned Ohio? If that's the case, go meet with property managers and ask them what they like to manage while offering lots of cash flow. If your long term goal is buy and hold and retire early, this is critical.  Lastly. I listen to the Jason Hartman podcast. I've never invested with his team, but he has the right philosophy and seems like a decent organization. He offers turn key rentals with local providers he vets with his team. I'm not affiliated with him, so don't take this as a shameless plug! Plus he practices what he preaches.  Lastly, slow down. Build cash and let the deal come to you. There is always a deal out there. While you wait for the perfect pitch,  research your markets, get pre-qualified to see what you can afford and narrow your focus.