Should I house hack in or out of state for my first deal

[Quiana Berry]

Can I be honest and say: I am stuck not knowing where to begin/ feeling overwhelmed/analysis paralysis, and not feeling "ready" enough to invest or if I am prepared for the headache of landlording 

Defined my goal though: I aim to start by investing in a multifamily house hack in NJ (West NY area) for the close proximity to NY, within the year. I will have that as a home base, trying to aim for young professionals like myself who want to be close to NY for work.

Here's my dilemma: I am torn bc I work remotely and technically can invest anywhere but I would have to stay there over a year to set it up as per the loan reqs. I know if I go out of state and leave friends and fam behind I can do STR, build up equity quicker and pull out to reinvest in my next home, and then buy in NY/NJ region. Not sure what order to do it and if I should make the sacrifice.

My logic is : At least if I start in the more expensive market I can get higher rents, even though STR is illegal in my desired purchase area, even if hosted. Am I right? I feel like Im going crazy lol

Either way I'm looking for preferably off-market, multi-family slight fixer-uppers in West NY and will pull the trigger soon. All leads welcome!!! Let me know how I can support you too! Cheers

[William Sing]

Hey @Quiana Berry, For a lot of first-time investors I highly recommend doing something in a place you feel comfortable with and also doing owner-occupied. You can utilize better loan programs (owner occ) and is a lot more forgiving. Areas that appreciate a lot more will also lower your overall risk as long as you can hold on to it in a 5-10 year time frame. It is a good way to use "training wheels" and will give you a better idea of what is needed when you invest out of state. Just my two cents!