What is the best strategy for an area with high property tax?
Hey guys I'm looking to start real estate investing and I'm trying to figure out what is the best route for long term success. I live in long island and the property taxes can be upwards around 400%-500% more than out of state when you compare similar properties. I want to start out investing in my local area first just to get a warm and fuzzy and then venture out into other states where the market may be a little more fruitful. So my question is, What is the best real estate investing method i.e fix and flip, Brrrr, rental, wholesale etc...? I do realize there is much more to this equation than just high property tax so here is a little bit of background information on me.
I currently own a house with little equity in it. I also own a rental but its not worth much maybe $80k but its paid off. I have ability to put 20% down on a $150K loan @5.5%
I'm currently looking in the mastic area and surrounding towns.
If anyone is willing to give me some advice on this mater I would greatly appreciate it and I would be willing to meet up for lunch/coffee for any further guidance. Thanks
Matt C