Updated about 5 years ago on . Most recent reply
I’m new and ready to learn
I live in rural southwestern Pa. I’m 37 and married. Our only child has moved out and married. We are now considering investing in real estate. I’m just starting to do research and think that I’m interested in a buy and hold type of investment. Do you think I should start with something local? My ultimate goal is to own something near a beach. Rent that possibly as an Airbnb until one day retiring there.
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@Brett Boyce Personally, I feel that someone's first investment property should always be in their local market if your finances allow for that. You already know that area, you have a better idea of what the rental market is like and where people are looking. Plus, you'll more than likely going to take more pride in a property that is located in the same city as you.
Other people will have other opinions, but to me it makes a lot of sense. You have more control over the property and can manage any repairs that need to get done. You want to start off on the right foot. Once you get a property, maybe you'll cash flow a little bit, save your money and then buy at the beach. Trust me, as a guy who currently lives near the beach in San Diego, buying costal properties right now is especially competitive with rates and inventory so low.