Need Advice on How to Start

[Burak Kilic]

Hello all!

I need some guidance to figure out my next best steps to enter the real estate space. Me and my wife looking for our first (or couple) investment properties (rather then traditional buying one home). We are from Brooklyn, NY and as you all probably now, market is crazy high priced here. To give some context, we have some cash (around 300K+) but I'm in a position that unfortunately effected by the recent layoffs and looking for a new job so waiting for a bit before we start this. But I would like to use this time to plan out and invest myself to get some knowledge on real estate. 

We love New York and plan to live here for a while more, but we decided it is probably better to keep renting and buying properties for investment that can provide some cash flow out of state. Florida, Texas and Connecticut are some of the markets that I've been hearing a lot about from friends, but I have no idea which state would be the ideal place to start investing. My wife is an interior designer, and we are actually very interested in short-term investments (apartments), so we are very open to any advice! Thanks already.

[Rick Bassett]

For your first investment(s), you might want to consider having them close enough for you to interact with them in person, at least through the learning phase. Many other folks do long-distance investing exceptionally well; it's not my thing; I prefer to keep all of our RE investments within 45 mins of our home base. You may want to consider value investments in Norwalk, Stratford, Shelton, Ansonia, and Derby, Connecticut, to name a few, as finding properties where the numbers work is possible in those towns/cities. If you want to buy on price and for cashflow then look at Bridgeport. 

Also, if you're planning on financing your investments (mortgage), you will probably need that new W2 for a while before a lender will take a chance on you.