Newbie intro

[Hendrix P.]

Hi all,

I'm new to the real estate thing and looking into buying my first investment property. I am based in NYC but looking to possible buy something in Detroit. I've been doing a lot of research and keep coming up to this site so figured I might as well sign up since I spend so much time read the post.

I picked/leaning on Detroit because I've read that the market is reasonable and rental market is good. I am looking to buy something that is not too much money up front so I can have some reserves for the hiccups that are sure to come. I've read some much that I'm not even sure where to start. So, I welcome and would appreciate any and all advice.

Thanks in advance for all your advice.

Hendrix

[Luis A.]

Hi Hendrix, welcome.

I think I understand what you are trying to do, probably the costs of investment property in NYC is ridiculous. I am sure Detroit is a lot more affordable but like James and Josh have said, for the first investment it might be a stretch.

Going from my own experience and sometimes still feeling like a newbie, I can tell you that one of the things I like the most about RE is that I can touch it. There is a lot you learn from driving the neighborhoods, meeting neighbors, talking to your tenants. You will not be able to do this long distance.

Have you considered driving to other parts near you. Even if they are 1 hour away it would still be better than 1,000 miles away.

Also, what kind of investing are you trying to do? Buy and hold, flipping, lease rentals, etc.?