Hello from Central NY

[Tim Griffiths]

hello, I'm just getting into this.  In fact I go to look at my first possible investment property today.  I'm a little worried though because one of the largest employers in my town (Oswego, NY) just announced they are shutting down, essentially laying off over 500 people (engineers and other high paying jobs) in the next two years.  This is a huge blow to our economy.  I was thinking I wanted to invest locally, to maintain as much hands on as I could but now I don't know.  My town is a college town but we are not wealthy; our county has the states highest unemployment rate, even before the plant shut down. 

So, a question, actually two.  Is it possible to make money in a soon to be very down market?  And, if not, how feasible is it to invest out of state as a newbie?  I know how much I don't know which makes me very nervous but I also can't wait to get into this business. 

For some perspective, I have a full time sales job, I make good money, have three kids and want to start getting some passive income to a) pay for college and b) eventually get out of my current job.  So, I can't go all in, but I also can't afford to wait years to start this.

Thanks