Growing market or investing close to home?

[Debra Orringer]

Hi, I’m new to investing and am trying to narrow down where to invest. Albany NY is a growing city with mfh that fit into my price point but is 2h from my house. New Haven or Hartford Conn don’t seem to be growing like Albany (maybe I’m wrong?) and have more expensive housing but are only 1h from my house. Once I start investing I want to stay in one market to minimize multiple management companies, handymen, etc. Which is more important: investing close to home or investing in a growing market?

[Nicholas L.]

@Debra Orringer

it's a good question, I don't know if it has to be an either / or, though.  i'm majorly in the close to home camp.  the market is really tough right now and so being hands-on when you're getting started is absolutely essential.  you need to walk properties, meet other humans in person, build your network, drive the streets, etc.  if you can't do that in albany don't invest in albany.

there are so many threads on BP by folks who bought too far away - 2 hours, 2 thousand miles - and got crushed by capex, and couldn't be there in person to try to resolve / straighten out.  i don't think doing this makes any sense.  we're here to make money, not to buy properties just to buy properties.

so, with that said, i do think there is opportunity in new haven and also bridgeport but (as you probably know) those cities are street by street, and you don't want to buy in the wrong neighborhood / on the wrong street.

hope this helps.  i own a property in stamford but primarily invest in PA.