Hullo, first post to the club, so hi to everyone and thank you to the community for such a brilliant resource.
I have been reading and learning about REI since I have some money maturing from an inheritance later this year and with the house market crashing evidently, it seems a great time to get started as a Real Estate Investor.
I won’t have a huge sum of money but it should make for quite a nice down-payment on a mortage provided I can pass credit checks (I’m actually quite new to the US coming over to live and work as of fall 2006, so have had to “start again” on building credit because they won’t recognize anything on my English credit score here…).
I am living and working in Brooklyn, NY and would like to invest here but the prices are sky high still like any city I suppose. I also spend time up in Vermont and New Hampshire out in “the sticks” so really it comes down to choosing a place to start investing. I know long distance REI is not going to work at least when I get started and buy my first properties.
I would prefer to stay in Brooklyn but am I just priced out of the market as a newbie? Should I start where the prices are more sane somewhere up north or is it still possible to do this in a market as saturated as NYC?
Okay, I hope that you have an idea of my position so far but please let me know if you need to know more details.
In this thread I am mostly looking for advice and opinions on investing in a big expensive city, if it’s feasible as a newbie or if it’s better to be somewhere with a more typical supply and demand and affordability. Where should I start?