Out-of-state Multifamily Purchase

[Diane Bonheur]

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!

[Bradley Buxton]

@Diane Bonheur Take a look at the Reno market. We work with many CA investors looking for something close by yet more affordable and good appreciation. There are MF properties that cash flow in some B areas around Reno. The Tahoe market still has some STR opportunities. The best part about Reno / Tahoe Nevada are it's landlord friendly, Real estate taxes don't reassess on the sale, insurance is low and we continue to have increased in migration, jobs (no state income tax) and our own land constraint issues which prevent the market from getting overbuilt. I'm happy to be a resource for you in the NV market.