First Time Investor looking for advice

[Helen Lin]

Hi there,

Just discovered the Biggest Pockets podcast and forum.  Looking to learn how to become a first time investor. I currently own two homes- the one I live in and another condo I’ve been renting out for 4 years.  I am looking into investing my first property that I have never lived in.  I have about 50-60K for down payment.  Thoughts?

I am in the Greater Boston area and it’s out of my price range, so was looking at at NH and RI.  Any suggestions for areas? Is there a website or resource or who do I speak with to find out what’s a good rental property area? My first thought are places where colleges are but not sure if that’s just rookie thinking.

What do people think of Manchester, NH and Providence, RI? Also I read on the forums from a few years ago people mentioned Rochester, NH.  

Looking for any advice for a newbie! Still trying to figure out what the heck I’m doing.  Feel free to direct me to any episodes that I should listen to.

Thanks,

-Helen

[Joe Hammel]

@Helen Lin

Sounds like you’re in a great position. Study up, then jump in with your first deal and learn while doing

Metro Detroit has the most affordable housing in the nation.

I’m not recommending buying $20k houses in war zones, just that it has the $100k houses that soundly beat the 1% rule in solid locations in the suburbs of Detroit.

Great balance of price/roi/location. My whole portfolio is here and I love it.

We had over 150 clients buy these types of properties and many of them first timers.

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