Newbie here with questions

8 Replies

I live in NYC and it is very expensive here. As a beginner with no experience I do not feel to comfortable with investing in NYC at this point in my life, I am only 25 btw. I was thinking of expanding my options/distance of homes I could possibly invest in. I was thinking an hour away give or take perhaps in Connecticut or upstate new York? If any of you can give me some tips/advice would be great. Also not sure if I should buy and hold for rent money and resell in future or flip a house. I would like to stay around/under 100k.

First, I would say that you should determine what you're really looking to do.  (But, be open to other opportunities.)  But as Brandon Turner says all the time, theres always somewhere to invest within a 2-hour drive.  I wish you luck in your investing and encourage you to check out the podcasts and blogs.  There is a lot of information to be learned there that can help you.

If you don't yet know whether to buy and hold or rehab, keep getting educated until you know. Or maybe you end up doing a little of both.

I have done work as far as an hour from home and it wasn't terrible, so investing outside of NYC shouldn't be impossible.

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Thank you for the advice. I think as a first time buyer/investor I am leaning more towards flipping a house because I don't think I really want to hold on for something long term right now. I just want to challenge myself and see if I can actually pull off a flip and make a profit. That was always a goal of mine. Upstate New York market would also be in my budget and I feel confident flipping there because prices are lower then compared to NYC.

Hey @Eric DeVito

I invest in the southern Fairfield County area of CT which is about 45 minutes to an hour from NYC. It is hard to find properties in that 100k range here but if you were to go a little further north along I95 or the Merritt Parkway you may have better luck and only be about 1.5 hours from NYC. Let me know if you ever have any questions or want to talk more. Good luck!!