Updated almost 9 years ago on . Most recent reply
where to buy the first rental
Hello bigger pocketers! I have a small problem. For the past 3 months I've been planning and working towards a real estate investing career. so far i been able to get 98k in business credit and hope to reach 90k of my own capital to start going full force by the end of February. I have bank financing in place and private funding from friends. However I'm not sure where i want to buy my first property. I'm mostly interested in buy/hold 2-4 units to create cashflow. however I'm not sure what city to start. at first i was strong on Troy NY but after doing some research i realized it has a lot of vacancies, old abandoned buildings, and lack of jobs. i was also interested in Schenectady NY because of the casino but I'm not sure if i want to bank on that for the a city's financial future. I am very new to real estate investing so I can be wrong on both cases. Right now I'm looking into Glens Falls NY (i have a friend there) and scranton pa. they both seem to have good rental markets.
I currently reside in Long Island New York and my time is very limited. I know i have to start somewhere. Before i start taking off from work and start driving/spending time in those cities i would like to get some insights from people who are currently investing in those markets. or anyone (expecienced or not) who has any connection to those cities. any other recommendation would be greatly appreciated as well.
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Sorry accidentally pressed send.... so like you I am from Long Island.l but because of the high price homes here had to look elsewhere for investments. I liked rochester a lot because of attractive prices and decent cap rates. I did a lot of leg work. Would drive up every Saturday morning at 4 am and canvas the area for the weekend. Did it every weekend for about 4 months before I bought my first property. That was over 10 years ago. I now own a bunch of properties there and have a decent monthly cash flow. Let me know if you want any additional help getting started. Good luck !