Beginner Not Sure Where to Start

[Jessica Frasier]

Hi everyone!

I'm brand new to the idea of investing and I have been diligently researching the basics thanks to BP!

I live right outside of Washington DC so I plan on investing in properties further away because of the high prices here. At first I thought I wanted to look into vacation rental in Orlando, but now I just feel confused. 

I'm researching different areas such as: Richmond, Virginia, Austin, Texas, Houston, Texas, Raleigh, North Carolina and so on. I'm feeling so overwhelmed.

Once I choose the right place, I want to learn the ins and outs of the market there and any other information I will need. I also want to network with other investors in that area. I'm at a place where I need to stop and ask someone experienced for any advice on how to proceed. 

I would ideally like to invest in a multi-family property for long-term lease. Right now, Richmond, VA sounds like a good choice because it's the closest to where I live now. Any suggestions on how to choose a city for a beginner?

[Bennet Sebastian]

Hi Jess, 

Welcome to BP. I have an aunt that lives in Woodbridge, not too far from you I believe. 

I would highly discourage you from starting your investing career in markets you aren't familiar with, especially out of state. As a new investor, you need to possess encyclopedic knowledge of your market and that means living and breathing it. This is hard to do especially when its in another state. 

Start small and in your backyard. Then expand your product type and market as you grow. 

Good luck and keep asking questions!

Bennet