New Member from Long Island, NY

[Phylicia Stephenson]

Hi everyone,

Newbie here.  I'm new to real estate investing but its been a dream of mine for years now.  I'm in my twenties but well established with a solid career in the medical field which gives me an appreciable amount of income to save and invest.    I've always been interested in flipping houses but recently I've started giving renting an owner occupied duplex a thought.  Since i currently rent, it would hopefully free up more income to reinvest in flipping properties.

The problem I've encountered is that I live in Nassau County with, imo, overlypriced properties with high taxes. If i wanted my duplex dream within a year, I could do a FHA loan, but I don't believe what I could rent it for would cover my monthly mortgage.. not even considering money I would have to reserve for incidentals.

The second thought I've been researching would be to buy lower cost properties in upstate new york and rent to college students while still living in long island.  I went to college up there so I am familiar with the areas.

So many ideas.  Any thoughts?

[John C.]

My friends used to invest in Binghamton U.  They were a group of 3 investors who bought a couple dozen houses and took turns driving up once a month from NYC to check up on the properties.  Eventually, they all got sick of the monthly trip that would take them an entire day back and forth, not to mention managing repairs etc.  They sold for a slight profit and went their separate ways.

It's tough managing a rental from a distance.  I wouldn't want to manage it myself.  Otoh, the management fees would eat up a significant amount of cash flow.  It'd have to be a pretty significant cash flow to justify all the trouble you'll go through.