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Updated about 5 years ago,
I'm from NYC. I can't figure out what market to start in.
Hi there everyone! First time poster, long time lurker.
As my post title states, I am from NYC but don't think that I will start investing in this area. Prices are too expensive and laws are very tenant friendly so it makes me a bit nervous.
I'm having some trouble narrowing down areas in which I would like to invest and am wondering if any of you seasoned investors have some advice. So far, I have thought of a few:
Sound Beach/Rocky Point, NY. I am seeing good homes on the market for sub $300k, and the reason why I like this area is because my parents are landlords there and it is a familiar place to me.
Bridgeport, CT. I have heard that some parts of Bridgeport are gentrifying. I know next to nothing about Bridgeport but have heard good things (and have also heard that caution must really be exercised to get the good deals).
Philadelphia, PA. I love Philly and wouldn't mind house hacking here out of all the locations I've narrowed down. It seems that Philly is an order of magnitude less expensive than NYC (lol) but rents are strong.
Pittsburgh, PA. I know next to nothing about Pittsburgh but that it is a bit of a "gentler" market than Philly.
My goal is to purchase sub $300k, and buy and hold. Long term goal is to have a portfolio of numerous properties and hopefully invest in NYC one day. Thanks for any advice up front!