Dear fellow BP members,

I am a newbie in NJ/NYC area just starting out in REI(buy & hold). I am a software engineer in my day job. My field, contrary to popular belief, drains out the life out of people, so I am seeking opportunities to get passive income from other sources and after reading a few general & RE specific books and listening to BP podcasts, I landed here. Have to say, Great content and community here so far.

Hatsoff to @Brandon Turner and @Joshua D. - Great job guys ! Totally appreciate your efforts and down-to-earth attitude.

I am currently looking to invest in my first buy & hold rental property. Unfortunately, my area being near NYC is too expensive for the math to work out favorably so I'm looking for properties within driving range(NJ/NY/PA/MD/VA/CT). To keep maintenance low, I am thinking of buying a well kept property using a property manager for my 1st rental and want to get into rehabbing & other avenues once I have some experience. Ideally, a 2-3BR SFR or a small multi family (2-4 units) in a safe area in above states in good condition and not too old (built after 1960s) with good cashflow and appreciation chances is what I am looking for, hopefully with occupied tenants.

Location wise, an alternate thought is to find properties in developing cities in other states such as NC (Charlotte, Raliegh), TX(Dallas/Austin), AZ(Phoenix) etc where I can fly out if needed but the thought of remote investing out of state is frightening me after reading the property manager horror stories.

Unlike a lot of people who come in excited and slide off after their 1st post, I am generally persistent about my ambitions and goals in life.

Hence, I am looking for a good team to form my network, especially for long term strategy and execution. If you are an experienced investor, realtor, property manager, turn-key rental provider or serve in any other capacity, contact me as I would like to bounce some ideas and work together. If you are nearby my area, we can meet in person.

Lastly, I have a few questions that I hope some of you can answer :

(1) Is my location/criteria above too narrow or too broad ?

(2) What are some ideal places/zipcodes in the above cities/states that are worth diving into ?

- I have a few for each city that I found interesting, should I create a new post for each city for further discussion?

(3) What do I need to know before my 1st deal so I won't screw up ?

- I know this is vague and I've read the rules of thumb (2%, 50% etc) and general red flags, but hoping you can mention some mistakes to avoid / link some posts so that others can avoid those mistakes.

Feel free to let me know if I missed anything obvious or ask any question so I can clarify more.

Also, there are a few ways I can contribute to the community here, but if someone has any thoughts, let me know so I can do something useful.

Looking forward to great things,

Sunny