Hello from New York City!

[Ronnie Vajdak]

Hello BP Community! I joined BP a few months back but never formally introduced myself.  My name is Ronnie Vajdak and I'm currently living and working in NYC with my wife Iveta. I have a degree in Business Management and have spent the last 8 years working in the automotive industry.  As with most performance based jobs, I found myself working long hours, usually being away from home 13 hours a day, and working through most holidays. After letting our jobs consume our lives, and having very little personal time, my wife and I decided to begin building a plan which led us to real estate. 

After spending the last year reading and learning as much as possible about real estate investing, we're ready to take the next step and put together a team to help us locate, purchase and flip our first property.  Given that NYC is extremely expensive, we are looking out of state for investment opportunities. We recently visited Keene, NH where I spent 4 years while attending college, and it's really caught our interest.  Plus it only feels right to invest in a place I am familiar with and Keene has homes in our target price range of $40k - $100k. Is anyone else living in New York investing out of state and if so where are you investing?

[Christopher Freeman]

Hi @Ronnie Vajdak, welcome to BP! I live and invest in Keene, NH. It's a decent market for buying investment properties, especially if you're interested in doing student or "by the room" rentals. I don't think that you will find much in the 40-100k range on the MLS, but certain areas have more than their fair share of distressed properties that could be candidates for fix and flip or BRRR. Just be advised that holding costs here are costly due to our very high taxes. My crappiest property costs me almost $500/month in taxes, and it's not unheard of for a multi around here to have taxes around 10-12k per year.

I'm currently entertaining the idea of moving into the Manchester market. The quality of the tenant pool is more mixed, but cap rates are much higher due to higher rents and lower fixed costs.