Updated about 8 years ago on . Most recent reply
Where to invest, New York is out of the question!
Hello everyone,
I'm new to real estate investing. I was just laid off from my job of 16 years and have decided I think its time to invest in real estate as my next move. I have $100k cash to use, thinking of rentals or flips however, my delima is I live on Long Island, its impossible to start here. Looking for some advice on where you think I should start out with the cash that I have in hand.
Thank you
Danny
Most Popular Reply
@Danny Gordon I think where you decide to invest should be guided by your strategy and goals. If you want to build up a passive rental portfolio, out of state investing (potentially through a turn-key platform) could be the way to go since property values are much lower and returns potentially better. However, if you are looking to flip properties, I think you are better off in areas that you can get to easily. As already suggested by @Naum Raz and @Mateusz Prawdzik there are good areas in both NJ and PA in which to invest. In my opinion, Northern NJ has some great areas for flipping but rentals can be tough due to the high property taxes. South NJ also has good areas and the property values tend to be lower, so your $100k would probably get you more options.