New Investor Looking for Assistance

[Justin Rush]

Hello BP Community,

Long story short, I am 27 years old, and live in Bonney Lake, Washington. I spent ~ 6 years years in the Marines and now work remotely for largest E-Commerce company in the US (good ol' Amazon), as a Senior Supply Chain Manager (since 2017). I've stocked piled my money over the past three years and finally ready to pull the trigger; however, I'm now debating the market to buy my first Out of State (Long Distance) Rental Property. The following markets are on my list (not in priority):

1. Pensacola, Florida
   
2. Jacksonville, Florida
3. Louisville, Kentucky
   
4. Cincinnati, Ohio
   
5. Austin Texas Suburbs (i.e. Kyle / Temple, Texas) 

My thought logic, understanding the plethora of unknowns (delayed inflationary impact of continuous QE from Powell and impending foreclosures from eviction forbearance, etc.) I knew that I could either: 1- Sit on the sidelines and wait until everything pans out or 2- Get started in a market, which would require low house prices. #1 is out of the question, as I know unless I do #2, when the time comes and the dust settles, I will not have the experience to realize, or be able to execute upon a great deal. So I am choosing #2; although, I am still debating the market in which to take a leap off of. I was looking at Pensacola Florida, as I could buy a $30K in cash, and pay the ~$30K rehab in cash. I would own the property outright, so It would make me feel better; however, I am not sure if this would or wouldn't actually ease my mind (and my wife's) about investing 60K into a house that is on the complete other side of the nation. 

After reading David and Brandon's books, binged read (BRRRR, Long Distance Investing, and How to Invest in Real Estate) over the past week, which solidified my confidence in this decision. I aim to start with one property, so I can build a solid foundation, then I plan on BRRRR'ing that one and then either: (1) buying 2-3 similar value/ type of properties- SFHs, with a $30K value/$30k rehab, with a ARV of ~$100K [~$40k in forced equity] or (2) use the established system in a higher priced property $100k value/$40k rehab, with a ARV of ~$200K [~$60k in forced equity] .

My goal is to create generational wealth and to learn real estate, so I can teach my son (4 years old) when he is old enough. Any help is appreciated! I am in the process of making this decision, so I can start building my core four.

R/S

JR

[David Pere]

@Justin Rush throw a dart and choose one! Look, if you narrowed every market in the nation down to a list of 5...they are all probbaly just fine. Either A) go with the market you're most familiary with personally, or comfortable with, B) choose the market you know the most people in, or have a team already, or C) just roll with one. 

Don't get hung up on the market, make a decision and take action to build a team there!