Investing in a high cost of living area

[Michael Canlas]

Hey everyone, I'm a 26 year old guy living in New York. Just joined Bigger Pockets and I'm excited to learn from everyone here! I've been looking at investing out of state, more specifically south NJ near Philly for my first investment. But I'm also thinking about getting a FHA loan and getting a 1 bedroom in NY then moving out after a year. What do people think? Should I "house hack" and pay myself or try to find a better market to invest in?

[Caleb Heimsoth]

I personally invest out of state. Now there are pros and cons to this. I chose this route because I can buy a lot more out of state rather than locally.

I invest in Memphis and Cleveland, two very popular markets here on BP. You can search to see the threads on this.

The main pros are I can get say a 60k house that’s rents for 900-1000. The downside is I’m not local. However if you build good systems this isn’t really an issue.

Pm me if you want to talk more. I can talk all day abojt this stuff