New to Real Estate · Albany, NY · Member since 2020 · 3 posts · 0 votes
Hello BP!
As a newbie investor, I am looking into an area in which to make my first deal. I have found in my research that areas outside of where I live generate more cash flow and have higher appreciation values. This being said is Long Distance Real Estate Investing as David Greene calls it, risky for a first property? I would love some feedback from more advanced investors on their presepctive!
@Justin N Yurchak IMHO, where you sleep at night or having the ability to drive across town to place eyeballs on it are of little consequence compared to having a really strong team you can trust.
find the best PM, realtor, title company, and CPA you can, know your numbers and your plan, and execute. the problems are the same so hire good people that fix problems and free you to spend your time doing higher income producing activities.
Doing virtual deals has its pros and cons. Being a n00b in this business shouldn't prevent to investing outside your market. In fact, sometimes local market conditions mandate looking elsewhere. If you decide to do distance deals, you can mitigate the risk by starting out with low risk types of deals such as assignments/flips.
@Justin N Yurchak look up citydata.com, the milken report, and Marcus and millichap report. the last 2 are multifamily focused but provide applicable market data for top markets