Guidance for a beginner needed

[John Vasiliou]

Hi BP team!

I’m ready to bite the bullet and get started with my real estate journey, but I’m at a loss on how to get started and where to look. There’s so much great information out there that I find myself overwhelmed. 

What I’m after:

- reside in NY, but looking to invest out of state, ideally in Florida as I plan to move to Miami in the next 3 years

- max budget of $650k

- looking for a long term rental investment with positive cash flow

- has to be managed by a property manager (active vs passive income due to work conflict)

I’m unsure of next steps - any guidance would be greatly appreciated.

Should I get a mortgage pre-approval? Should I reach out to real estate brokers (I’ve already contacted some via BP)?

Thanks in advance!

[Nicholas L.]

@John Vasiliou

if you live in New York and plan to move to Miami... I'd invest in New York or Miami.  you might be able to house hack something in New York now and then turn it into a rental when you leave.  or vice versa in miami - buy a rental now and then live in it eventually.

i don't think it makes sense to try to pick a random market based on statistics and numbers.  lots of people try to do that and we see a lot of posts in the forums from folks who live in NY or CA and buy in OH or AL or wherever, and get absolutely crushed because they don't have a team or network or any knowledge of the market.

hope this helps - happy to help further