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Updated over 1 year ago on . Most recent reply

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Jennifer Cramer
  • New York
69
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40
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First Post: Overwhelmed and can't figure out where to invest

Jennifer Cramer
  • New York
Posted

I'm a new member and this is my first post so please go easy on me!  I'm interested in investing in my first LTR or MTR.  I have a full-time job in NYC and travel excessively for work so I will need a property manager.  My goal is geared towards long-term wealth and eventually reaching a point where I don't have to work as hard because I'll have passive income to offset some of the income I will lose when I "take my foot off the gas".  I am not interested in house hacking as my plan is more centered around Buying and Holding.

The idea is to start in one area, build my team and then purchase my first property.  Eventually, I hope to build my rental property portfolio in the area I choose.  Initial budget is small, up to 300K with 25% down for the first property. Looking for Class A/B areas.    I don't really care about making a profit off the monthly rent in the short-term (though it will be nice!), I just want to build equity and not "lose" money.  Right now, I can't even narrow it down by state, much less city!!!  Here are my options:

1) Georgia - my old company was headquartered in ATL so I know the area well and have friends in the surrounding areas. Hower, it seems really over saturated so not sure if I should still look there

2) NC -  I'm drawn to this state but am not as familiar with the cities.  Looked at the Wilmington area but open to any suggestions

3) NY - upstate, NYC or even far out in LI (mastic Beach?).  It's my home state but property and taxes are so expensive outside of the city and in NYC you're dealing with maintenance fees, boards etc. I just think my money will go further elsewhere

3) Maine - I'm drawn here because eventually I want a second home in this state but this is my heart talking, not my brain

My question is, how did you go about deciding where you to invest? What resources did you use? Who did you talk to initially?  Does anyone have feedback on any of the areas I listed above? Are there other areas I should consider?  I realize this is incredibly broad, so I apologize but I'm feeling a bit overwhelmed.  Once I narrow it down, I feel like I will move but right now I'm stuck. Thanks in advance for your help. Looking forward to learning from all of you.

  • Jennifer Cramer
  • Most Popular Reply

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    Nicholas L.
    #3 Starting Out Contributor
    • Flipper/Rehabber
    • Pittsburgh
    4,152
    Votes |
    5,174
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    Nicholas L.
    #3 Starting Out Contributor
    • Flipper/Rehabber
    • Pittsburgh
    Replied

    @Jennifer Cramer

    pick an area where you can spend time in-person.

    if you can go to Atlanta every weekend to set up your team there and look at properties, great.  but if you can't, pick an area in NJ or CT or PA that is within driving distance - maybe 2 hours or less from where you live?

    there is just no substitute for being hands-on. and it's going to take some work. in your chosen area, if you're in-person, you can go to REIA meetings and network, look at as many properties as you like in-person, meet other investors, meet agents, meet property managers, talk to contractors, make offers, get feedback, etc.

    it is not possible right now to push Internet button, buy random property in a place you've never been, hire random people you have never met, and get the best outcome.  see this thread.  don't do this.

    https://www.biggerpockets.com/forums/52/topics/1144300-turno...

  • Nicholas L.
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