Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago,

User Stats

43
Posts
22
Votes
Adam Eckhoff
22
Votes |
43
Posts

Looking to purchase first property - Out of State

Adam Eckhoff
Posted

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. 

Loading replies...