Quote from @Radhika S.:
Hi!
I am starting out newbie, have young kids, have been a homemaker, but now want to do more for the family financially while also being available for my family. After reading & researching, I have decided to take the real estate route, read 'Rental Property Investing" and came out with the plan to buy single family homes LTR cash flow. I live in California, but being the market it is, I want to invest outside. I have garnered a 50K to get started, I am having difficulty choosing markets, although I have shortlisted it to be a 'landlord friendly state". It looks so wide and vast, I am overwhelmed and don't know where to start. I have been reading the forums out here but how should I narrow down to that one market?
I also tried biggerpockets/wheretostart, but for some reason the .xls would constantly keep opening skype files. What am I doing wrong here?
What should be my next step to narrow down and research?
I am also beginning to talk to CPAs and attorneys, but not sure What all questions I should have cleared at a minimum, to confidently take the big step.
I may be over thinking, but I think it is also the cautious me who does not want to screw up financially in my desire to help the family financially.
I have been reading the forums out here but how should I narrow down to that one market? - I would select a market that allows you to purchase a cheap (under $150,000) single-family in a C+ or better market. This will fit your budget. Most midwest markets offer this type of inventory.
I am also beginning to talk to CPAs and attorneys, but I am not sure what questions I should have cleared at a minimum to confidently take the big step. - First, I recommend speaking with a lender to find out if you can purchase the property in the name of an LLC. If the lender does not permit this, your attorney and CPA will have limited options. They might suggest transferring the title to an LLC after you complete the purchase.