All mentors seem to advise to start off your real estate investment career 'in or around the neighborhood you live in'. What do you do if your neighborhood is too expensive?
Ideally - I would like to test the waters with homes in the $100,000 range. But the Riverdale, NY vicinity is closer to $1,000,000+! even the outskirts the prices are around $350,000+
Any advice would be apreciated.
Like Brandon Turner says all the time in the podcasts, "you can always find something to invest in within 2 hours of where you live." So investing near you doesn't have to mean right down the street.
Thanks for your quick reply. How can you tell about a neighboring area if the market is stable or appreciating?
If it is doable it is always best to invest were your local and most comfortable but many in expensive markets have taken to out of state investing in the cheaper cash flow markets.
Some cities publish real estate transactions in the paper. You can scan them to see if your target area has movement, up or down. If the neighborhood has an HOA, you could see when they have meetings & attend one. Talk to people. Say you're interested in buying a home in that area (they don't need to know you're an investor) & ask their opinion. If there's any open houses, go to them. See what agents have to say about the area. Also check the crime reports to see if there's any trends you should know about.
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