Getting the itch again

[Michael Sokolski]

About a year ago, I had decided to start looking into becoming a real estate investor. I had read several real estate books (Rich Dad, etc.), gone to seminars, webinars, and some meetings at the local REIA, and was really gung-ho. Living on Long Island, the winds were taken out of my sails after realizing I could not find anything close to positive cash flow. Many advised beginners to start locally.

I'm getting the itch again. This time, I'm going to be more realistic and will look elsewhere. I'm curious to get some opinions on what areas are high rental areas. I would assume that areas around colleges and growing cities would be a good place. I plan on starting some serious research in the Syracuse, NY and Raleigh, NC areas. Mostly because properties are more affordable for me, and these areas appear to have weathered the real estate slump fairly well.

My goals are to purchase rentals for the long term. I'm 37 and want to begin buying properties so that I don't have to rely on a pension and savings in my later years.

What are your opinions on first time investment properties? Condos? Duplexes? Are single family residential properties hard to keep tenants in?

I know I'll learn a ton by reading these forums and I look forward to chatting with you all. Any thought would be very much appreciated. I'm excited to be back.