First time out of state investing

[Thomas Hartman]

My wife and I live in NYC with our 3 year old son and have about $150k to start investing in rentals. Out of state makes most sense (looking at a few midwestern cities as well as TX and FL), but we know nobody out there. Any advice?

Also, I’m a freelance musician and she is a waitress and make-up artist Somehow for the last 4 years we’ve covered costs and been able to save $200-$1,000 a month. We’re not struggling by any means, despite our “titles”. That said, does the nature of our careers complicate the potential of being approved by lenders for financing? And if we were to move to one of the locations we decide to invest in and possibly house hack for awhile, would starting from scratch without job histories in the new location hurt us even worse for potential lenders? 

Thanks in advance, we are so thrilled to have discovered the potential of a career in real estate investing and cannot believe it took this long to come across it. We can’t wait to connect with other newbies and more experienced investors. If you’re in NYC, let’s meet up! 

Tommy & Mariko