I will actually be investing north of NYC in the area I grew up in.

As we started paying them off our monthly income grew exponentially.REI is a get rich slow proposition.

I grew up in MD (Bladensburg HS, class of '66, UMd, class of '76-don't ask why it took 10 years) and was shocked to see the Pax river out of its banks.Again, welcome aboard.all cash

The area we have targeted is where we grew up- so we know it well, and has better projected revenue for us- the area is growing and alot of commercial investors from NYC are putting money into the community: parks, arts/crafts store fronts, cafes, restaurants.

That same property in the town where I grew up which is around 20 miles north and all low lying swamp land, would go for $120- $150K.

I grew up on an hour north of the Gulf Coast and can tell you a good deal about that area.

As for how I got started and grew.

My sixth sense warned me I should not.A very prudent man am IAnd that is why I wait to buy.How Nassau and how Suffolk grew!

I grew up there and graduated from PSHS in 95.

lot going on in this post.first, no way will you get a 5.5% on a non occupied investment property.(2) you *may* end up with positive net income on the property without having the mortgage writeoff - this means a visit from the tax man. as an investor, the "write offs" or tax deductions you will receive, if your business entity is structured correctly and your CPA knows what he/she is doing and you keep tabs on it, will far exceed any write offs you will earn anywhere else...look at it this way...IF...you HELOC...taking 100k out of your property...now you've got 100k to invest in an reo or other distressed property - CASH...real estate is about leverage...but with the CASH purchase, it frees you up to do many different things down the road...IF...you "buy right" (below market value > 30%) - combined with the CASH purchase, you'll create a return on your investment that is EXCELLENT.if you took an arbitrary 100k (from anywhere, say it grew on a tree) and you stuck it in a savings account earning 5% (which is a lot for a savings account)...compare that to the 20% return you'll get off the monthly cash flow from a good rental...not to mention depreciation..and future leverage options available to you through this investment...the returns just compound.now this all deserves a qualifier...we don't know the specifics of your current home, your finances, what you owe on it currently, other debts etc.all that must be taken into account.