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Updated over 1 year ago,
Looking to purchase first property - Out of State
Good Morning - I'm currently looking to invest in a long term hold/rental property for some cash flow. I live in New Jersey and I'm currently looking to invest out of state... Let's just take Ohio for example
Status - Purchased my first home in 2020 for $361,000; 20% down, conventional loan 30 year term 3.0% interest. House is currently worth $550,000+++.
Savings - $100,000 (rounded).
Example: Let's say i found a Duplex for $100,000 in Ohio. Let's say after all expenses, the cash flow will be positive.
Where do I begin? Am i calling management companies, insurance companies. Is Ohio the right state, is there a wrong state? Let's say I purchase 4, duplexes around $90,000.. How do I use those to snowball into more properties when i run out of cash... I apologize for all the questions, I just don't know where to begin. I guess I'm looking for an outline on steps... Should I continue to save my money for a few more years? any insight would be helpful.
Thanks,
Adam.