Chpt6 - Investing While Living in an Expensive Area
Hi All !
I am a new investor living in Queens, NY and just finished reading through Chapter 6 which spoke directly to me. It's hard to find something affordable to invest in as the barrier to entry in NYC is quite large. Therefore, I am stuck looking in higher crime areas like Jamaica, Queens. I am not sure if that is a good idea, but I know that area is usually in demand for rents and the crime rate makes homes more affordable. My other choices are to buy a turnkey out of state (which I find very interesting but scary at the same time since I don't know many people out of state) or to just keep saving until me and my serious girlfriend are ready to settle down into a house hack.
What I would love to do is buy a one a family out of state for around 100K so that I can get started in real estate and also not have to put a huge down payment so that I still have the capital to do a house hack in the future. I am looking for any advice, referrals, and info on how to get started in buying out of state/building a team as I feel that it might be difficult to trust many people as well as secure rental payments from hundreds of miles away (even with a property management company).
Also, if I buy an investment property, would I still be able to qualify for an FHA loan for me and my girlfriend for our future house hack?