Hello folks,
I'm currently looking to purchase my first out of state investment property. And yes, this will be my first rental property purchase ever. I've been researching multiple locales (Springfield IL, Milwaukee WI, Indianapolis GA are the other alternatives) and settled on Cleveland, OH, for my first rental property purchase.
I have the capital to make 3-4 purchases for the next year. My budget is up to $100,000 per house, with 20%-25% down. My current strategy right now is to purchase a property that might require light renovation, as I want to get to know the contractors around the area. After this purchase, I want to use the BRRRR method for the follow-up purchases if I end up with a good team. I have the capital to pay the BRRRR house in cash up to $75,000 and have the do-over capital. The longer-term plan is to eventually partner up with another friend, who's already running his rental properties in Milwaukee and Memphis, into the Cleveland area for more significant capital.
Enough about my strategy, now about myself. I currently work for a tech company in the Bay Area, CA. Most of my capital and equities are in the stock market. I want to diversify and get passive cash flows in real estate. Oh, and I'm also new to Bigger Pockets, been mostly lurking and reading many of the posts around here. I've just finished reading David Greene's Remote Investing book.
Anyway, looking forward to talking with y'all, I hope everyone is keeping safe these days :).
