Updated over 6 years ago on . Most recent reply
A little help/guidance needed for a beginner investor!
Hello all! I'm Terry and new to RE investing. I reside in Astoria, NY, but it seems there are a lot more affordable opportunities for cash flow producing properties in Rochester, NY, opposed to Queens, Manhattan, and anything around here. Ideally, I want to purchase a property or two within the next month or so, but I'm a little unclear on exactly what the next steps should be since a) These would be my first investment properties and b) I'd have to find a property management company for homes that are so far away. Below are a few my questions for you experts out there. I apologize if these are incredibly simple and silly questions as I'm a true newbie. Any help/feedback would be GREATLY appreciated!!
- What should be my "plan of attack" next month when I'll be free and be able to travel up to Rochester? Do I try to group a bunch of viewings and properties together in a 1-2 week span? Is that enough time to see all the properties, get mortgages from a bank, close on a deal(s), and also meet with property management companies? Or can some (most) of that be done beforehand and while I'm in Queens?
- Is it a mistake to buy properties so far away and that will require property managers as my first RE investments?
- What comes first - contacting agents to view the properties OR finding the best property management company for potential properties? I almost feel like I don't want to buy if I don't feel good about a property mgmt company!
Most Popular Reply
Wow, this forum is great! Thanks so much @Jake Roland and @Alex Jones. Will definitely get pre-approved and get my finances in order as you guys suggested. I'm a bit worried about BRRR, particularly the REHAB part since i'm so new to this and since it's long distance. As of right now cashflow my main priority, and holding for 2-5 years is my plan, but who knows. Lot to learn and very eager to get started. Thank you guys again!