New To The Game

I am thinking about getting into investment real estate now that I am in a position to do such.

I currently live roughly 200 miles from my area of interest.

I have been thinking of buying a two/three family brownstone in Brooklyn, NY.

The only brownstones I think I can afford are in need of repair. (if a 20% down payment is required ).

Being that I have family in the area and I tend to go every month, I don't think it would be a bad idea to purchase property that may need repair away from my home.

Am I wrong?

Comments(3)

  • joel30th October, 2003

    I wouldn't purchase properties 200 miles away for an investment. Keep it within 15 miles.

  • nebulousd30th October, 2003

    Yeah, since your new to the game, the unexpected inexpensive things will have you driving 200 miles and that wouldn't be good. Especially with gas prices the way they are, and you're in New York....yeah keep it close, and keep it simple.

    [ Edited by nebulousd on Date 10/30/2003 ]

  • SavvyYoungster30th October, 2003

    Rule of Thumb:

    You should be able to comfortably drive to the house twice in a day.

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