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Updated about 1 year ago,
Purchasing Your First Out-of-State "Turnkey" Rental Property
Good Morning,
My name is Adam Eckhoff, commercial appraiser in New Jersey. Quick question for you all... Let's say I search for a $200,000, 2-unit duplex, on Realtor.com located in let's say Columbus, Ohio. Hypothetically speaking, let's assume the duplex generates $500 per month in income (after expenses, management, etc..).
Why would I not just pull the trigger and purchase the property, assuming I can find a management team to take care of it.
How would i get money back out to purchase another property (how could i leverage it). Do i just save the $500 a month and use that to purchase another one down the road (assuming i living in a perfect world with no repairs/reserves/ cap exp..)
Thanks,
Adam.