Newbie in New York City & North Carolina

[Thomasina Pearce]

Hi BP family! I am still in the information stage of my REI journey but looking to purchase my first rental income property in the next 8 months! I currently live in NYC and I am from North Carolina (all of my family lives there as well). I want to focus on the buy and hold method with single family homes. However, I am considering either finding a duplex in NYC & renting out one unit OR start by purchasing a SFH in north carolina. I'm not sure if I will find a deal in NYC that will cashflow and allow me to live rent free. Might be wishful thinking but I am still researching! Excited to start this journey!

[Don-Carlos Moniz]

@Thomasina Pearce, welcome to BiggerPockets.  If you can find a deal on a multi in NYC, I would encourage it.  If you listen to episode 48 with Darren Sager (https://www.biggerpockets.com/...) he talks about finding properties near train stations in New Jersey, thus making commuting into NYC convenient. The advantage of finding a small multi (as long as you house hack) is using an FHA loan and getting in with a little as 3.5% down. Of course, there are opportunities for investing in NC, and knowing an area makes investing easier. If you have any questions, don't hesitate to ask, and good luck.