New CA resident looking for out of state investment

[Bryan C.]

Hi,

I have just finished reading Brandon Turner's Book on Rental Property Investing and I am brand new to these forms.

I have saved about $130K which is not enough for downpayment where I live (Mountain View, CA). The prices here are surreal and I have decided to not purchase here as I will likely not be here my to many years.

I have decided I would rather purchase some rental units out of state where I am investing for cash flow rather than speculation. The only problem is I am only familiar with the real estate markets in California which do not offer good ROI. I currently own a condo in San Diego which I rent out; I figure that's enough CA property for now.

Is there a section in BP for out of state real estate investors? I have a few friend's who have invested out of state (Boca Raton FL, Dallas TX, Tulsa OK) but I figure I would post here and get more ideas.

I am basically looking to either purchase:

- A Single Family home for cash with purchase price around $100-$120K; After 6 months I will re-finance to free up my cash again.

- 2 Single Family Home's with downpayment around $30K each and purchase price's around $100-$120K each.

- Multiple Units (Triplex, fourplex) with $60K Down and finance the rest with purchase price around $200 - $240K.

I will obviously have lot's of analysis' to do. However, I am hoping to get some insight as to what neighborhood's look attractive for landord's in the U.S. at the moment. This way I do not waste time looking at crappy parts of town's before realizing they are not ideal places to own.

Any insight will be much appreciated. Thanks!

Once I am done analyzing, I plan on flying out to the city I decide on to get the deal done.