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Updated 11 months ago,

User Stats

21
Posts
16
Votes
Diane Bonheur
16
Votes |
21
Posts

Out-of-state Multifamily Purchase

Diane Bonheur
Posted

Hi everyone! Recent lurker and learner here. I'll cut straight to the chase - I have $100k cash and I'd really like to buy a 3 or 4 unit multifamily. Yesterday my job was eliminated, so my main source of income is gone, however, I have $1,425/mo coming in from a condo that's paid off. I spoke with my mortgage broker and she advised as long as the numbers make sense, I can still purchase an investment property. 

I was scouting out towns in Rockland and Orange Counties, but (as some of you may have already guessed), the prices of homes in the area are ridiculous. Based on my future goal(s), I'm aiming to purchase a multi with good cash flow and I don't think that'll be possible in the surrounding markets.

With that said, I'm considering looking into Pennsylvania and Delaware....maybe Jersey too? They're all within reasonable driving distances for me. I've been looking into all 3 states over the past few days but would love to connect with and hear from anyone familiar with the markets. 

Thanks in advance!

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