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I don't know that I would cut my teeth as a landlord on NJ. They have some of the most restrictive landlord-tenant laws in the country.Look for low-dollar properties and recessions-proof industries (especially big college towns). I have a property in Philly that takes about 35 seconds to rent (ok, a little longer than 35 seconds). It has a lot of renters from all of the schools there and the overall culture there. However, I don't know that I would recommend becoming a landlord in a city you aren't living in. Money from rentals gets sucked out pretty quickly if you are paying a property management company, contractors, etc. Look for places to make a fair profit, not a fast one. Rentals should be evaluated for long-term viability and being a landlord is not for everyone or even most of everyone.
I would consider major cities and within the city stay as centralized as possible (close access to major employers, schools, etc), and with close access to major freeways. In determining which cities, obtain the following basic information in your research: 1- Median income 2- Average sales price for a 3 bed 2 bath home 3- Average rent for a 3 bed 2 bath home.Copy all the data into a spread sheet. Take the ratio between Ave price and Ave rent. The cities with highest spread between rent & sale price would give you a general idea of locations to focus on (most potential for highest returns on your money). Also consider Median income levels to Ave rent amounts to arrive at stability of the local markets considered.Hope you find this method useful - It is common sense.Cyrus GhovanlooRealty One Group/ Phoenix, AZCertified Investor Representative
Fort Myers FL is a huge bargain! Look at 33905 zip code on Zillow to see what's there. Port Charlotte FL is one of the most reasonably priced in the US and has been chosen #1 place to live. Get a good realtor with a rental division in house. That way the property they sell you is in fact rentable! (you're not familiar and you are depending on your broker).FL is a lot of retirement money. If you are buying to rent the property, you can make good money 'in season'. Snowbirds usually pay twice or more than twice the average rent to be here Oct-March. If you work your numbers right, that could cover you for almost the whole year!
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