Should I stay in NYC?

1 Reply

Hi guys,

Huge fan of bigger pockets here. Love the podcasts and gbjnk there is a huge amount of information but my one issue is that most people are not from New York. I'm about to start my W2 job making a decent amount and am saving for my first property. The first house I get I want to house hack so I can live free but after that I'm thinking about getting rentals out of NYC since the prices here are ridiculous.

Does anyone have any experience with rentals in different states and how to take care of everything while not being around.

If I can branch out to a state when I can get rentals in the 30-40k area, I can potentially get 3-4 houses a year if I play my cards right.

Any insight would be great!

Thank you!

Welcome to BP Bogdan, yes indeed most people are not from NYC I would say even the ones that are, invest out of state. That being said out of state doesn't have to be too far away. There are properties all around for $30k-$40k areas in NJ and PA. I personally invest in those areas as it gives me the highest cash flow and I can scale up quicker. That being said, if this is your first property I would invest close by (within driving distance) so that you can learn about real estate and be near your property in case something goes wrong and don't have to take days of work flying to another state. Once you have experience in real estate then I would  say you can start to explore your options invest in out of state. In regards to house hacking, NJ across hudson river has some decent properties in $300K -$400K price range multi-units, I know many people who don't want to pay NYC prices for their house move there.