Starting out in a difficult market

[Jonathan Miller]

Hi all,

I've recently started listening to the podcast and reading everything I can get my hands on. I'm wondering what advice anyone might have for new investors living in very expensive market (NYC). I'm interested in SFH LTR and would like to start smaller and local (looking out toward Suffolk county as well) to gain experience but it seems like cash flow would be difficult to find even for more experienced investor. I anticipate investing long-distance in other markets in the future but would feel most comfortable being local at first.

Do I just accept negative cash flow and try to break even knowing it's an appreciation market, look at other markets from the get-go, or can anyone provide advice to optimize my opportunity here?

Thanks so much. I'm excited to join the community.