All Forum Posts by: Claudia Frank

As for advice, it's a tough time for inexperienced buyers to get into rental property right now. Not impossible but the combination of high prices and higher mortgage rates will make cash flow difficult. I would not buy in a place just because I had friends and family there unless I knew the local market really granularly, i.e. I knew the streets and the neighborhoods and could determine for myself if something was a good deal.

Beyond that, time tends to heal a lot of real estate wounds, which is why you've found that the NY property ended up doing well despite having no idea what you were doing. That can be replicated but it's probably not the kind of market to try it in.

Thank you JD! This makes a lot of sense. The market is a bit iffy at the moment.

0 Votes

Seattle, Washington

Hello! I just joined Bigger Pockets and am not 100% sure how to use the forum. I own a home in Upstate, NY that has 3 rental units in it. I bought it 17 years ago and had zero idea what I was doing, somehow it worked out really well. That being said, I should have bought a second property at that time and was too afraid to do so. Now the town is too expensive to repeat my success and buy a rental property that will generate income.

I have been looking at buying another property in less expensive areas/states but am afraid and unclear what my next steps would be. I am making a profit from my house in Upstate, NY and have a good paying full time job. I am considering buying a duplex or some form of rental property in Oklahoma as I have friends and family there.

Any suggestions, or suggested reading would be greatly appreciated.

6 Votes

Seattle, Washington

All Forum Posts by: Claudia Frank

Claudia Frank has started 1 posts and replied 3 times.

Post: Just joined Bigger Pockets and am looking for advice

Post: Just joined Bigger Pockets and am looking for advice

Post: Just joined Bigger Pockets and am looking for advice