New Investor in a New Market

[Jamy Lomento]

I'm a new investor, and I've recently moved from Southern NJ to Northern VA. I lived in NJ for 40+ years, know the local market well, have relationships with a few contractors, and am a member of the local REIA. Now that I've moved out of state, does it make better sense to buy in my old state as a now out-of-state investor? The only thing I don't like about NJ is the ridiculously high property taxes. I'd need a property manager since I'm 3+ hours away, which would affect my cash flow.

My other thought was to look into the Richmond VA area, which is also 3 hours away, but where having a property manager may not be as impactful to my cash flow.

[Josh Uhlenkamp]

While it may seem like a big cost to have a property manager, it pays for itself. I am a big proponent at hiring someone to do the things that you either don't know how to do (that's why we have experts) or if you don't have the time to do it (your time has a monetary number as well). As for Richmond, that area and down into the Hampton Roads area is more affordable than other parts of NOVA. Your dollar can purchase more house or multiples. If you want to discuss the area I would be happy to chat. I am an Investor agent in the Hampton Roads area.