New REI looking to house hack vs. out of state invest
Hi BP community! I'm looking to start out as a REI on long island. I've been reading many books, attending weekly webinars on BP and LIREIA, and browsing the forums the past few months but this is my first post. My girlfriend and I were originally looking to house hack on long island so we can move in together as well as generate extra income, but with prices as high as they are, a lot of the ROI's I have calculated are either very low or negative percentages. One idea we've had is buying a SFH on long island that could potentially be a long term rental when we move out, as well as invest into a multifamily property in Connecticut that provides a higher ROI as well as generate cash flow while we are still living on the island. The caveat is that I will be attending medical school in 2022 and I'm not sure where I will be, so we would want to live in a house that calculates as a good ROI in case we can no longer live there while I go to school and decide to rent it instead of sell. Our goal is to purchase our first property by new years and then purchase our Connecticut multifamily property a few months after that.
Has anyone thought of a similar strategy/ have any thoughts?
Looking forward to getting to know everyone and thank you for your time.
Alex