im not planning on purchasing anything right away but would like to within the next year. This will be my first investment and I'm thinking a rental.
I live in westchester NY, and i would be looking to purchase something in the hudson valley which is some what local for me. But like everything else in NY, properties in my area are much more expensive then in most parts of the country which has me wondering if an out of state purchase would be a better idea?
My first thought is no bc i have a lot to learn and i can see the distance being a problem.
Just wanted to get everyones thoughts on this subject.
@Mike Perrotti - It depends on your goals, I personally feel starting local and learning the business will help you if you every want to invest out of state (I do both) Out of state investing success is very dependent on local property management and in my experience my knowledge managing my own locally gave me the expertise to manage my PM out of state
NY is huge. From Binghampton (IBM) to Buffalo you can find something. I would check in state first.
This is an easy question. Local. There would have to be very compelling circumstances to cause you to want to manage over distance, especially when you are new to the business.
Mike, welcome aboard. I'm posting a link to another thread about NY and the hudson valley. I'm by no means an expert but I'd be very cautious about investing in NY now. I'd love to hear anyone else's thoughts on the subject, especially about the hudson valley.
We have a lot of out of state investors in the Rochester and Buffalo NY areas.
I invest out of state because L.A. is also very expensive It would probably be a good idea to go to some of your local RE investment groups. Go to www.meetup.com. You may even find a local out of state investment group to join.