Looking for advice

[Jarred Marrow]

Hello all at BP. I am currently trying to figure out the best strategy for my goals which is to buy my first property. I am not sure which market to look into as right now I am currently in new york and was told my best bet for cash flow would be to look oos for deals that I could use as a rental or house hack. I am currently employed but making only 30k as in new york that is nothing, but i do have 30k saved in which i was looking to take some of this money and starting my real estate journey. If anyone has any advice or can point me in the direction to get started of what is my best best to figure this out please feel free to comment! Aso was looking in areas such as texas, OH, I would love to stay in NY but not sure my income is high enough to get something suited for here.

[Wale Lawal]

@Jarred Marrow

It's fantastic that you have some cash put up and are thinking about investing in real estate. It's typical practice to look at out-of-state (OOS) marketplaces in order to improve cash flow, particularly in high-cost cities like New York. Here are some actions to get you going:

Investigate markets that could exist outside of New York. Seek for regions with robust labor markets, expanding populations, and advantageous economic circumstances. Take into account elements like total affordability, policies that favor landlords, and property taxes.

Make contact with real estate agents and investors in the target market locally. Join online forums, go to local gatherings, and use social media to expand your network. Local knowledge may be very beneficial.

Given that you said that house hacking is a possibility, look into marketplaces where this tactic is workable. Seek for neighbourhoods that have a mix of properties, such triplexes and duplexes.

Pay attention to regional economic data. Insights regarding a market's stability and development potential may be gained from factors like job growth, unemployment rates, and economic diversity.

Make an effort to visit the prospective markets you are thinking about. Get a sense of the neighborhoods, comprehend the dynamics of the area, and evaluate the general investment climate.

Remember that doing your research and having a firm grasp of the local real estate market are essential for successful real estate investment. To reach your objectives, make use of BiggerPockets tools, get in touch with knowledgeable investors, and adopt a methodical strategy.

Good luck!