Hello everyone, I live in NY and I want to start my real estate adventure. Unfortunately, the prices around here are not allowing me to do so. My plan is to make a small purchase, to get my feet wet before I try to make a splash into the real estate market. Since I'm a beginner, I'm avoiding the NY market because dipping a toe into the waters here can feel like a belly flop due to insane cost of housing. I'm aware of 1) FHA loan, 2) money lenders and 3) raising investors but problems I see with that is 1) even with an FHA loan, house hacking doesn't seem feasible with my calculations here. A duplex, for example, rented out would not cover the entire cost needed for mortgage and other fees and cash flow is the end game for me 2) money lender problems are 10% interest rate plus the return of investments in "x" years, cash flow would not be sufficient and I can buy a foreclosed or fixer uppers cause I'm not a contractor nor do I know one, risk is in the investor and that is too risky for me. 3) I am inexperienced and I have yet to make enough contacts for a team but I do want experience.
But homes are west and mid west seems reasonable and a good starting out point. My endgame is to buy and hold only for cash flow and assets to use against future loans. Homes that are recently updated would be my preference, less maintenance, but my primary concerns is being long distance. I am aware property manager is available but I like the challenge of not having one or even if I would need one and the sound of that extra 10% $$ headed into my pockets a lot better then somebody else.
I would love some investors to share thoughts and experiences in this field from which I can learn from and be on the look out for.
