Recommendation for buying first investment property

Recommendation for buying first investment property

Investor · TX · Member since 2020 · 9 posts · 5 votes

I live in Queens NY and had worked in the corporate world for most of my life. Last November, I lost my job and I decided to get into Real Estate investment and work for myself. I am new in the real estate field and have spent a lot of time learning during the quarantine time. I’ve got basic knowledge of it but there is still so much to learn. Many investors suggest simply jump in and do it which I also believe is a good way to get hands-on experience. I am planning to buy my first investment property in the area where I can reach. However, the New York area has a high entry point that is not an ideal place to invest the first one. I am thinking to start in Pennsylvania. My questions are: Is the PA a good state to get started? If yes, any suggestions what are some of the cities in PA good for investment? Or any recommendations of surrounding reachable states of NY to get started? your input is greatly appreciated!!

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Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
6y

I would start somewhere you can go to so you ca learn so PA could work, both in Philly and Pittsburgh. In Northern NJ where I am, there are definitely options, but it is very competitive and the taxes are very high. There are parts of Westchester that could do well for multi-family, like Northern NJ as well. You want to find the perfect balance of good price and veritable proximity so Philly could end up being a bit far for your first one unless you have the time to drive over a lot to build those relationships.

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  • Property Manager · CT · Member since 2014 · 687 posts · 329 votes
    6y

    Hey Haixia,

    The first steps I would recommend as a new investor is to get a handle on analyzing the income, expenses and ROI of the properties. Bridgeport, CT is a good place to look.

    You can use the Bigger Pockets calculators to start. Use Zillow and rentometer.com to get data and analyze a few from your home to see what type if returns there are.

    If these meet your investment criteria then start looking in person.

    Let me know if you have any questions.

    -Craig Bellot

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