Looking to Start Out of State Invest, New Beginner looking for mentors or knowledge

[James Wang]

Good Afternoon Everyone, 

I Currently Live in Queens, NY and because of the higher barrier to entry, I am Looking to get into Out-of-state investing. Currently looking in a few areas Within the Tristate Area, and Ohio mainly for cash flow. My Goal for the next year is to purchase my first property out of state and eventually get more through time. I am currently managing 5 units of my family's investments here in NY. 

I am hoping to connect with those who have already had a few properties being managed out of their state to learn more about the process before getting started myself. Although I am nervous and anxious I am more excited overall to learn and take my first steps into the world of RE. Currently thinking more flexibly for types of units to start off in, but leaning towards more multifamily (Duplex-Triplex-Quadplex) 

 Any insights are helpful in this journey, negative or positive. I want to hear it all. 

Thank you all, 

James.W

[Min Zhang]

Hello James,

Great to see your enthusiasm for out-of-state investing! Ohio can be a fantastic choice, especially for cash flow, and it's awesome that you're already managing 5 units in NY. Your willingness to learn and take those first steps is key. I recommend you read this article on OOS investing. It explains the importance of creating your core four. You will need to get a local, rockstar Realtor, contractor, lender, and property manager.

https://www.biggerpockets.com/blog/core-four-real-estate-team

I've been actively investing in Columbus, Ohio, for a couple of years now, primarily in single-family value-add rental properties. However, I totally agree that multi-family properties can offer better cash flow opportunities. Just remember to stay financially prudent, avoid over-leveraging, and keep some reserves handy. With the right strategy and mindset, you can definitely build a successful real estate portfolio. Let me know how can I help!