Sorry about that KBecks. Sometimes it's hard to be specific because I'm doing so much, so I have to be more general (you'll see that in the answers below, which give a range), but nothing is top secret, I'm 100% open.
I specifically try not to answer the question of "what market should I invest in" because it really does depend on a person's goals, abilities/talents, etc.
It's like telling someone what AA they should have - it depends on them.
What markets are you in?
The above caveat aside, I'm fine willing to share where I'm invested in, but I do try to talk more in-depth with people when they want to find a market to help them figure out where they should invest. Currently I have a financial interest in properties in six states: NV, MS, VT, OH, VA, MI.
What is your buy criteria?
It depends on the market. In some I'm looking in the 180-200k range. In others the 35k range. In some I'm looking for brand new construction. Others are 60-80 years old (but freshly rehabbed).
(This is why it's so hard to give specifics. If we sat down for a few hours I could go into more depth on a particular market, what I look for there, etc. But a question like "what is your buy criteria" is so broad that it's beyond answerable in a single short post.)
What are your property prices and rents like?
Again, it's a broad range. My average rents are around 1000, and my average property price is around 90k.
Thanks for any help. :) I think it is awesome that you started for around 20k and that is a number I could start with right now, but I am not exactly sure what to do with it. I am in Milwaukee and I know a very successful investor here who is doing lower-cost properties and she's retired on it, save for doing her own property management. I am not sure that I want to manage my own and I am not sure that i want the same locations.
From what I understand, you're in quite a lucky position in that you're in a great market to invest in. I've heard a number of investors who are working in Milwaukee and doing quite well.
You absolutely don't need to manage your own properties. As I said earlier, my managing my properties has added about 2% to my ROI numbers. I'd still be very happy with my ROI without that. It's just a side gig for now that pays me about 5k/yr for very few hours of work. I only manage my local ones, I have property managers for my long distance ones, and when I FIRE in two years, I'll turn my local ones over to PMs.
Start going to local real estate meetings and learning about your market. There's no commitment, and if they try to pitch you to buy something, don't buy it. Just go learn. :)