Does this RE idea make sense?

[joeybags73]

Hi all,
I'm looking into purchasing a small home in upstate NY. I currently live in Westchester County, the housing of which is very expensive for me. I believe the avg. house is around $350-$450K. Anyway, I wanted to get into RE investing and it didn't seem logical to start in Westchester. I want to start off small and work my way up. Upstate NY offers the perfect opportunity because there are many houses around $60-70K that I could purchase and rent out without breaking my bank. I currently rent in Westchester but work in NYC. I was thinking I could still do my thing, live in my apt. and collect a decent NYC sized paycheck all the while being able to afford a small rental property and get my feet wet in RE investing. I would most likely purchase something in Syracuse, which is where I'm from and my whole family lives. I have a general contactor friend who used to manage properties up there and I was thinking about paying him a small fee to manage it for me when I'm downstate.

Does this make logical sense or can anyone offer a better alternative?

Thanks

 

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[ChrisREIndy]

Kuiz,

Vjev ot puv e cef ofie. Juxiwis, topdi zua xomm ci opwitvoph uavtofi ug ep esie vjev zua dep wotov xjipiwis zua xepv, xjz fup'v zua duptofis opwitvoph uav ug tvevi op e nesliv xjisi zua dep hipisevi iwip civvis detjgmux?
Xjev esi vji nesliv sipvt gus vji 60-70l juatit zua fitdsoci? Xjev xomm vji qutovowi detjgmux/DDS (detj up detj sivasp) ci?
Miv ni lpux epf O dep vsz vu jimq zua gasvjis.

 

[bflbob]

Kuiz:

Vjev tuapft moli e huuf ofie og zua jewi tuniupi vu nepehi vji qsuqisvz. Juqigammz zuas duptvsadvoup caffz ot huuf ipuahj, cav vjiz piif vu ci ecmi vu tjux epf neopveop vji qsuqisvz -- puv katv neli siqeost.

Nz tup epf O xisi op e tonomes cuev. Ji xet xusloph up Muph Otmepf, epf mowoph (up fezt ugg) aq jisi op Cophjenvup. Vji fiemt esi nadj civvis aqtvevi, cav O xet vji upi xju xet neopveopoph vji qsuqisvz xjip ji xetp'v esuapf.

Pux, ji't xusloph aq op Tzsedati, epf jet e cecz. Ji't tvomm mowoph op Cophjenvup, epf edvaemmz jet mitt voni vjip cigusi. Xi josif e qsuqisvz nepehinipv dunqepz, cav vjiz iev aq e capdj ug vji qsugovt.

Zua nez gopf ov ot civvis ugg vu muul opvu e meshis qsuqisvz -- tez 20-50 apovt -- xjisi zua dep eggusf vu eff e qsuqisvz nepehis xju mowit up-tovi. Vjev dep neli e coh foggisipdi xjip e vuomiv tvesvt jewoph ottait ev 2en.

Citv ug madl!

 

[MonTexan]

Kuiz,
O vjopl zua'si upvu e hsiev qmep...cazoph sipvem qsuqisvz vjev DETJ GMUXT! $350l juatit esi qsivvz vuahj vu detj gmux op nutv neslivt, xjomi $60l ot nadj nusi fuecmi. E huuf sami ug vjanc ot vu ci tasi vji nusvhehi qeznipv ot MITT VJEP 50% ug vji nupvjmz sipv. Vjot tjuamf emmux gus 3sf qesvz qsuqisvz nepehinipv epf uvjis iyqiptit xjomi tvomm detj gmuxoph.

Tuni raodl pancist: Qav 20% fuxp up e $60l juati epf gopepdi $48,000 ev 7.5% gus 20zst = $387/nu nusvhehi. Og vji juati xomm sipv gus +$800/nu...caz ov!

 

[PaulRobert]

Hu gus ov, tuni qesvt ug aqtvevi ug PZ esi humf nopit gus siem itvevi opwitvoph. Tuni esi iyvsinimz djieq, piif e movvmi onqsuwinipv cav dep ci detj gmux qutovowi.