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.



 

[Danielle Wolter]

@Kimberlee Nadine Hill Welcome to BP! Honestly, all three options sound decently well thought out. I know a lot of first time investors start with house hacking (your option 3). I think it's a great idea for getting started. I'm also in a high cost of living area (Southern CA) and have chosen to invest out of state. I haven't bought my first out of state property yet, so I can't speak to it, but the idea is a little scary, I won't lie. It would be helpful to have family, or be in driving distance of the area so you can be more familiar with it. Either way, good luck!