Do I need to move to get started in real estate?

Question

I am 18 years old and living in NYC with a keen interest in real estate. My goal is to start a development company but I want to get started with investing. However, in all of my research the numbers being worked with are minuscule compared to comparable properties in NYC and as a college student I don't have that type of money to shell out. Is it even possible to start out in NYC if I find the right investors/mentors or should I consider moving to an affordable area with a growing population (at least compared to NYC) to start my career? Any advice would be much appreciated.

Jeremy Taggart · Answer

@Oscar Garcia I would just live in New York and utilize your higher salary you get there to have more purchasing power in a more cash flow friendly market. Assuming you can get a job in New York and want to stay of course. The internet has made it so easy to invest out of state nowadays.

Anthony Gayden · Answer

I agree with others, you don't "need" to move. However, I strongly suggest that you broaden your horizons and get out of your comfort zone.

I had to move to the other side of the country before I really pushing towards my goals. I had to move before I got serious about my real estate and my finances. I had to move in order to grow and expand in ways I never thought imaginable.

Those talking about higher salary must not have noticed that you stated you were 18 and a college student. Also there are no guarantees you will be paid any higher in NYC than anywhere else. Especially without knowing what career field you will be working. What we do know is that you will have far higher cost of living in NYC compared with 99% of the country.

Raul R. · Answer

You don't need to move, I agree w @Jeremy Taggart if you wish stay in NYC take advantage of higher salary compare to other Markets and become an Out of State Investor.. It is possible to live in an Expensive City and invest OOS. Look up @David Greene he's a Pro in doing this, he wrote a great book about OOS investing for BP..

Juan Sebastian Martinez · Answer

Personally I work remote in everything I do real estate wise. It really comes down to being able to build and maintain relations. As long as you are diligent and responsive you will get the same feedback as you would working any other place.  This will also give you more flexibility on your day.

Do I need to move to get started in real estate?

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