First time investor looking for advice

[Maximilian Mayr]

Hi BP community! I have been following and doing research for a while now and I think it is time to pull the trigger and get my first investment property!

I live in Southern California and here it’s nearly impossible for me to get my feet into the door. So I’m looking for advice in what markets I should do my research? My savings for a downpayment/ closing costs are around 20k. So I guess I’m looking at properties right around the 100k range!? 
also is it Smart to get a pre-approval already in different states or how would you guys start? 

Thanks in advance! 

[Jonathan Greene]

Pump the brakes is the best advice I can give you. If you know you have to go OOS to invest and have 20k, do you really want your first investment to be a 75k property that needs 20k rehab or a 100k property that will net you $100/month in cashflow? The want to get in is great, but the reality of 20k you want to think about. Because what if you saved another 20k this year and then had 40k to put into your first investment next year and that could net $500/month in cash flow. You also have to know that at 100k purchase price you are almost always going to be up against cash investors in almost every market for every good deal so it's another reason to save and learn and listen and build relationships while you pinpoint your strategy.