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Updated about 3 years ago,
Newbie, Local NY vs Out of State IN/OH investing
Good morning all! I'm new to real estate investing, although it is something that I have been considering for years. I'm looking for my first investment property to get my feet wet and hopefully learn and grow a successful portfolio. I currently live in the Capital Region of NY. Taxes are high and real estate is expensive. If I was to invest locally, I'd probably look at mutli-family units, but this would require a much larger down payment than if I was to invest out of state. I'm also not sure of the long term viability of investing in my area of NY, with the outflow of population to other areas, as well as an eviction moratorium that could kill any possible returns if I were to get stuck with a bad tenant.
I was also considering looking at property in the greater Indianapolis area, or possibly the Dayton Ohio area. Those areas specifically because I have some non-real estate connections in those areas. I know there are several turn key investment firms in those areas, and a single family house in a solid b/c neighborhood can be picked up for relatively little outlay. Does anyone have any experience, advice, or referrals for those markets? Would I be better off looking at a turn key firm or hiring a realtor, then finding my own property management after a deal is made? Any advice or suggestions are greatly appreciated. Thanks, and it's nice to meet you all!!