New Member Intro: Nadine Here Excited and Scared

[Kimberlee Nadine Hill]

Hello all,

Definitely new to REI but not new to the idea. I've bee wanting to do this for some time but never got further than that. I don't want to put it off any longer. That said I don't want to rush in wrong footed. I live in NYC so already difficult for 1st time investors with little cash. I'm trying to figure the best way to start. If anyone has an opinion, I will gobble it up.

Option 1. I'm considering buying in the Detroit area (multi-family or single family). I was born there and have family there but have not personally lived there for 1,000 years. I would be leaning on my families local knowledge/access. Option 2. I am also considering Baltimore (multi-family or single family). I've lived a large part of my life in the Va/DC area and it is more convenient in terms of getting back and forth from NYC in the event of any emergencies. Option 3. I could buy an apartment in the Bronx, Queens, Long Island City for myself and my partner. If able, we could use an FHA loan. We would live there for 1-2 years and then sell it for any appreciation that the area may afford us.

I have to say that some of the posts here have made me a little nervous regarding rental cash flow actually meeting expectations and Brrrr in places like Detroit and Baltimore. My heads a-spin. Any help greatly appreciated.