Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. 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 on . Most recent reply

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. 

Most Popular Reply

User Stats

849
Posts
826
Votes
Simon Ashbaugh
  • Realtor
  • Columbus Ohio, Cleveland Ohio
826
Votes |
849
Posts
Simon Ashbaugh
  • Realtor
  • Columbus Ohio, Cleveland Ohio
Replied

Pick a market and dive in! I think Cleveland sounds like a great fit for you. Its got great cashflow and a relatively low point of entry. Happy to send you a list of PM's in Cleveland!

Loading replies...