How Far From Home
Hi guys,
I came across bigger pockets while podnering some long term strategy stuff, and I would love some insight on my situation.
My wife and I are looking for investment opportunities. We met and lived in Brooklyn, NY, but moved to Connecticut about a year ago when we purchased our first home here which dramatically lowered our monthly expenses.
We are both freelancers in the advertising world, so our work revolves around NYC, and we would love to be back in the city long term. We've been exploring multi-family homes and have found some in Brooklyn where numbers in terms of cash flow, buying slightly below market, etc. seem decent. We can swing a purchase in Brooklyn, but it would be a huge portion of our net worth going into the down payment.
I'm a bit of the mindset that it's best to start smaller, approach the learning curve on smaller investments, and exploring Connecticut or possibly upstate New York (or anywhere else someone on BP might recommend!) where the ROI on cash flow seems to be better. However, I'm mostly of the long term buy-and-hold mentality, so could see this turning into a scenario where I own single families or small multi-families spread out geographically. After reading up on the forums here on BP, I see that it's not that uncommon for investors to go outside their own backyard depending on where the deals are good but I would LOVE any input on my particular situation.
Thanks!