First time investor from Brooklyn here. So I've been trying to determine where to start investing in Real Estate and have had a tough time finding particular areas to focus on as the options seem endless. Since Brooklyn is too expensive and the cash on cash return is next to nothing here, I am open to investing anywhere in NY, NJ, PA, or CT. Anywhere that's within a reasonable (max 2-3 hours) driving distance from Brooklyn.
I am looking to buy and hold cash-flowing, multi-family properties that I will have a management company look after in order to provide myself an additional income stream that's as passive as possible. I am approved to buy an investment property in the 600k range but would personally prefer spreading that out over multiple properties instead of just one. A 10% or better cash on cash return would be ideal. I would like to get a property that requires little to no repairs upfront and that can be sold easily at a later date if my circumstances or investment strategy were to change.
For the pros out there that have experience in NY, NJ, PA, or CT, what would be the steps you would take if you were in my shoes and what areas would you suggest I focus on considering the investment criteria that I've mentioned above?
Any input would be much appreciated.
