Newbie, Have about 50-60K to invest. Where should I invest?

[Lex Phumirat]

Hello, 

Newbie here, been a pro member for almost a month now. This is my first post, sorry in advance if it's in the wrong forum, but would love some advance.  ( I also just finished reading The Book On Rental Property Investing ) 

I have about 50-60k to start investing with, but the issue is I live around the orange county area in California. 

And I have been looking around on redfin every day for about a month now for a multifamily home and I have found some deals, but its pretty high price. 

I did however put in about 2 bids.  One of the bids got really close to getting accepted because we got a counter offer. 

Long Story short, should I try to venture out of state to look for better deals to make better use of what I can invest?  Or would Sticking it out and keep looking around for a good deal?

Im looking in all areas of southern California.  

thank you in advance. 

[Ali Boone]

I agree with Jeff that it depends on your goals. There are a lot of factors that go into properties and different properties and markets offer all sorts of different pros and cons.

At a minimum, I would say to be sure that you know exactly why you are buying any property you put an offer in on or pursue. The properties you put the bids on-- what are the numbers on those? Would you be expecting cash flow on them or would they just be appreciation plays?

I can't imagine $50-60k getting you anything in SoCal near you. It can definitely get you good cash-flowing properties out-of-state (midwest or east coast, not much on the west coast at all). But again, depends on what you are looking for.