All Forum Posts by: Nicholas L.

@Rebecca Cho

hello and welcome.  kudos for your specific and thoughtful post.  i think you can be successful if you are willing to do what you alluded to, which is spend time in person in your chosen market.  if that's buffalo, great.  maybe you and your husband can trade off making trips there to build a network in person? 

i also wouldn't rule out markets that are closer to you, even if they have a slightly higher price point.  for example, you have the lehigh valley in PA just a couple hours away from you.

i'll also say this.  BP creates the impression that if you're not buying, you're automatically in 'analysis paralysis.'  i strongly disagree with this.  when you're starting out, do you need, and are you likely to get, a life changing, home run deal on your first buy?  no, of course not.  but, should you buy a money pit and lose thousands or tens of thousands of dollars?  also... no.

i hope this helps. i'm happy to answer any questions you have. i have an LTR portfolio in 3 states including CT and PA. i'm looking for my next BRRRR and keep getting outbid. but i'm not bending my criteria just to "do a deal."

@Carl Reza

welcome. you don't need a 'mentor' to get started.  just post questions here and start going to meetups and networking.  i and others will happily answer any question you have. i invest in Pittsburgh, and in fact, I'd probably try to talk you OUT of investing in Pittsburgh if you proposed it, since you don't have a network here.

investing out of state is certainly possible, but it's also way more difficult than advertised.  the market is much more unforgiving than it used to be - i know those price points in Ohio and Alabama look appealing to someone in California, but they come with their own challenges.

see these threads and see what you think.

https://www.biggerpockets.com/forums/12/topics/1215726-break...

https://www.biggerpockets.com/forums/48/topics/1159104-overl...

https://www.biggerpockets.com/forums/963/topics/1195280-expe...

https://www.biggerpockets.com/forums/48/topics/1160450-run-i...

https://www.biggerpockets.com/forums/48/topics/1137397-balti...

@Daniel M.

if it's your 101st property and it's the same as the first 100 - sure.

if it's your first - no.

@Shaheen Ahmed

I don't know the Ohio markets as well as I know Pennsylvania but (1) taxes can vary widely among counties, cities, municipalities, etc. and (2) the problem right now is that interest rates are so high (although taxes and insurance increasing certainly doesn't help.)

What are you trying to accomplish?

@Matt Powers

hello. pick a place where you want to live, and house hack there.  i would never tell a random person on the internet where they should live.  but house hacking is the best way to get started wherever you choose.

@Chris K.

@Kevin Sobilo

great responses.  i think selling to other investors would solve some of this, as i believe the same rules do not apply to rentals as to primary residences.  but not a lawyer or an expert.

@John C. is that something you've considered?

@Spencer Blondeaux

are you going to meetups?  i'd go to meetups and meet other investors.

@Lolo Druff

if you're really thinking about buying there then I would recommend going there in person, potentially multiple times, and building a network.  you can ask people on the ground there for referrals and then meet those referrals.

buying a property is a big deal.  it has to be worth a few trips there.

@Robert Pierce

that's pretty standard

@Elizabeth Leb

it's either house hacking (if you're looking to buy / live in a new primary) or nothing.

it's not enough to do anything else.