Where do I start?

[Etienne Douyon]

Hi All - 

Frequent forum lurker, first time poster. Need advice on getting starting. I have a decent amount of capital stored for a purchase, however, as we all know, interest rates are high and deals aren't penciling. Couple this with fact that I live in a HCOL city (NYC), and I'm pretty much sitting on the sidelines until interest rates drop (if they drop) or housing prices crack.

Any ideas on what I can do to get started? Maybe focus on foreclosures? Sit tight, keep analyzing potential deals and build a pipe? Forge relationships? Given this would be my first property, I'm not necessarily comfortable buying out of state which presents me with an especially unique challenge.

Thanks in advance for any advice!