Frustrated And Don't Know Where To Start
I'm new to REI and am having a problem knowing where to start investing. I live in new york city, however I'm sure that I don't want to buy property here. (For many reasons) I'm looking to buy property mostly to rent, not so much to rehab, although I would consider it. I've heard so much advise about buying where you live, however most of the areas around here are too expensive. Perhaps upstate is a better choice? 
I feel like I've read so much about REI and a lot of research and learning, but I can't really get started until I get over the hurdle of finding an area. Help, please...
jason
I feel ya! I pretty much have that same question. Like, is it best to be close to your properties, and what is the furthest you would go? All in all, really, what would make it best for me to be close? Do you have to do that much to your rental properties? Once you get a renter how much work do you whined up doing anyway? I can imagine all the pitfalls and scumbag renters you must encounter, but is that on a regular basis?
Robert Kiyosaki, and several of the Salty Investors here on TCI recommend staying somewhat close to home just starting out. I've read that you should be willing to drive there twice a day if need be to address issues as they arrive.
I agree, mostly. If you have enough in the deal that you can hire a property mangement service to handle the maintenance issues and stay profitable, your concern for proximity is now less.
You still should be close enough that it isn't too much of an issue to drive by the property, and insure that the property managers, and the tenants are taking acceptable care of your property, and keeping it from falling into disrepair etc.
Keeping these things in mind, how far are you willing to travel?
Good luck,
Jeff
Quote:
On 2004-02-06 17:34, jcstrang wrote:
I'm new to REI and am having a problem knowing where to start investing. I live in new york city, however I'm sure that I don't want to buy property here. (For many reasons) I'm looking to buy property mostly to rent, not so much to rehab, although I would consider it. I've heard so much advise about buying where you live, however most of the areas around here are too expensive. Perhaps upstate is a better choice? <IMG SRC="images/forum/smilies/icon_confused.gif"> I feel like I've read so much about REI and a lot of research and learning, but I can't really get started until I get over the hurdle of finding an area. Help, please...
jason
Hey jcstrang
I know exactly where your coming from I have the same problem. I also live in NY and I don't know where to start considering the prices around here. I read that when you first start out you should stay somewhat close to your property. I also heard that you shouldn't give it to a management company your first time. I have a couple friends who have done really well with rental properties around the city (excluding Mannhattan). I also have a friend who tried the upstate thing but it turned out to be too far away and it ended up costing to much to manage because of the distance. Let me know if you find any good info and good luck![ Edited by gsrgirlie on Date 02/07/2004 ]
Try to stay within an hour of where you invest. It will make things a lot easier for you.
Best Riches,
Jeffrey Adam