I've recently gotten into real estate and at this point only posses academic knowledge along with that from interactions with other real estate investors. I currently reside in Queens, NY but i am looking to get into a market where i can acquire a tri or quadplex for much less than I would be able to in NYC. I am looking to possibly get an FHA loan to put down as little as possible to live in one of the units while renting out the others. My day job allows me to work remote from anywhere i want and I would have a great deal of flexibility in my hours, allowing me to really dive into any deals or inquiries for potential properties. It is commission based and I make on average anywhere from 90-105k with 20k in the bank right now. Where would some good areas to get a good cash flow on my rental units with potential in the area for property appreciation? Honestly right now I am eager to get my first deal under my belt and am not so much concerned about making great cash flow on my units as I am actually getting my first deal done. I am not looking for this to be a one sided relationship and whatever way i may make myself useful to form a mutually beneficial ordeal I'm all ears. I have no real commitments right now holding me back and am ready to pack up and move in a heartbeat if i feel the deal is right. All thoughts and comments would be greatly appreciated.
@Yudister Bassit I think I've seen you on here before, but Pittsburgh has good rent to price ratios. 1.3-1.5% rule is achievable in C+/B- areas as long as you are willing to do a little bit of work. Also, I wouldn't sacrifice cash flow just because you want to do a deal....you should at least make some money for all the work that you put in.
Since you will be moving to an area though your lifestyle preference is important. What kind of city do you want to live in?
@Anthony Angotti Being a city person I'd like to say I would prefer an area with decent nightlife. I don't plan on making this my permanent location, as I hope to acquire 3-5 properties and eventually hire a property manager once i do choose to leave. If i could acquire more properties for my money with solid rent to price ratios in a less desirable area, I'd still strongly consider that as an important aspect in the final decision. I'm OK with being thrown out of my comfort zone and if the numbers are right that's where I'll be. I'd like to hear more about the numbers of these c+/ b- areas if possible.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing