Updated 15 days ago on . Most recent reply
ISO Rookie Advice
It's been a few weeks of research now and I'm starting to hit a point of information overload. I've been listening to the BP podcasts and gathering some general info on my local market. Here's what I'm stuck on:
- New York seems unfavorable towards landlords, so do I go OOS?
- I don't have much capital saved up, so do I use private equity, seller financing, 203k?
- Poughkeepsie isn't too far from me and has several universities. After hearing the episode where Ryan Chaw rents by the room for college students, this seems like a possible option. However, I've heard of other options such as converting motels to section 8 housing, slow BRRRR on a multifamily, or cosmetic refurb on a single family. I'm unsure what would be best with limited capital.
- Finally, whether I'm in state or OOS, affordable areas seem like class C as far as commutable east coast goes. I'd prefer class B or better to reduce general vacancy and time spent on self management of property. Is this where an investor friendly agent comes in to help find deals?
The more I learn, the less I feel I know. I'd love to network with other investors and learn more, although my area isn't active for REI. Any advice would be appreciated, thank you.