Investing in NY vs OoS

[Stefan Smith]

Hey everyone,

First post newbie post I'm so excited

I currently live in Brooklyn New York and I've been trying to absorb as much about REI as i can. Ive been reading books, creeping on the BP forums and listening to podcast everyday. As a lot of you know some parts of NY is very expensive, especially the area I live. I have a good amount of capital saved up to start investing. My father is helping me through my RE journey, i would say he is kind of my mentor at the moment because he does own a property here in Brooklyn, so i look to him for guidance.

However, I think it there are a lot more opportunities  Oos than there is currently in NY. He would like something in Brooklyn where its close to home, so thats were we conflict. 

So I'm here to get a second opinion from some professionals. Would it be in my best interest to start in my own backyard even though its more expensive than starting out Oos?

[Allan Szlafrok]

@Stefan Smith Your dad has a very good point. I’m originally from Brooklyn myself and I think it’s an amazing place to live which is one of the reasons it’s a tough place to invest. Everyone wants to be there! I decided to invest in northern NJ in areas like Newark and Jersey City and I’ve done well there. It’s also a tough market as you have a lot of money flowing into the area especially recently but there are still deals to be had you just have to be really careful as there are some really tough areas where you could have a hard time. It’s not exactly landlord friendly but it’s better than NYC and you’d be close enough to either manage the property yourself or at least keep a sharp eye on your property manager. I’d start researching Essex, Union, and Hudson Counties if I were you.