How far from home will you invest?

Question

Hi GuysI am pretty new to this. Have yet to pull the trigger on the first property but have done a lot of analysis and have financing lined up so i'm ready! One question i am struggling with is how far should i go from my home area to invest in multi family units. My home area is lower NY state but i wonder should i be widen my net. For example Philadelphia or Albany might be better prospect than say Kingston/Saugerties NY. I worry that since I am working full time this would become unmanageable!I would love any advice on this topicThanks in advance

Account Closed · Answer

Welcome to BP. I'm in the Philly area. Great luck and see you around.

Matthew B. · Answer

@Nathan J.

Don't go very far to find your first property. Maybe after you have some more experience, but not now. The reason I say this is because your first couple deals are going to be the trial and error ones. It's a learning experience, and learning becomes a bigger hassle when it's further away. Get some local experience, then as you start to figure things out and understand how everything works you can look for deals in other areas.

Walt Payne · Answer

@Nathan J.  Welcome to BP! You will find a wealth of information here in the forums, podcasts and blogs.

Before looking for "greener pastures" look in your own back yard first. It is always best to invest near home if you can. Look in areas you know. Are there good deals available there? Not just MLS, but off-market deals. Abandoned properties, out of area owners/landlords, recent evictions, probate, or even wholesalers. It is much safer to invest where you know, and also to be able to see what is going on. As the saying goes "nobody cares about your money quite like you do".

Anthony Gayden · Answer

@Nathan J.  that is exactly why I use property managers. More than worth the money that I pay them. It allows me to invest in a market somewhat far away, and I am not bothered with the problems of landlording. I work 50+ hours a week in my job, never have weekends off, and work evenings/nights. Not only that, but I have to travel outside of the area for weeks or months at a time. It would be overwhelming to do this any other way in my opinion.