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Updated about 1 year ago on . Most recent reply
Where to search for out of state for newbie.
Hi BP Community,
I’m excited to join and start my journey in real estate investing. I’ve been reading Brandon Turner’s book on the subject and am nearing the end. Eager to begin, I have a few questions and would appreciate your insights and advice.
I currently live in Monmouth County, NJ, and bought our home last summer. Considering the high property taxes unfriendly laws towards landlords , inventory, and prices here, I’m pondering out-of-state investments for potentially better cash flow. I’m attracted to markets with:
• Lower property costs
• Landlord-friendly laws
• Lower property taxes
However, I’m unsure about the best market for a beginner like me, aiming to invest in multi-family properties with a budget of $50K. Is this feasible in the current market?
Another concern is financing. I'm considering using a HELOC from my residence. From what I've read, this seems more suited to a BRRRR strategy. Would it still be a wise choice for a straightforward investment?
Lastly, I’m curious about starting with Section 8 housing. As a novice in real estate, is this advisable, or should I gain more experience with other properties first?
Thank you!
Most Popular Reply
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Quote from @Sino U.:
Hi BP Community,
I’m excited to join and start my journey in real estate investing. I’ve been reading Brandon Turner’s book on the subject and am nearing the end. Eager to begin, I have a few questions and would appreciate your insights and advice.
I currently live in Monmouth County, NJ, and bought our home last summer. Considering the high property taxes unfriendly laws towards landlords , inventory, and prices here, I’m pondering out-of-state investments for potentially better cash flow. I’m attracted to markets with:
• Lower property costs
• Landlord-friendly laws
• Lower property taxes
However, I’m unsure about the best market for a beginner like me, aiming to invest in multi-family properties with a budget of $50K. Is this feasible in the current market?
Another concern is financing. I'm considering using a HELOC from my residence. From what I've read, this seems more suited to a BRRRR strategy. Would it still be a wise choice for a straightforward investment?
Lastly, I’m curious about starting with Section 8 housing. As a novice in real estate, is this advisable, or should I gain more experience with other properties first?
Thank you!
Hey Sino, totally can relate with you being from an expensive real estate market - I moved to Columbus a few years ago (from Portland, Oregon which was super expensive) to become a full time real estate investor, and ever since, I've completed quite a lot of BRRRRs, flips, and own a successful rental portfolio here in Columbus Ohio. There's so many catalysts for population and job growth (Intel, Honda, Amazon, Nationwide Hospital, etc). I can definitely tell you there's still a lot of positive cash flowing and 1% rule deals and you get amazing appreciation. As an investor and agent here in Columbus Ohio, if you have any questions or want to connect, definitely reach out!
- Jimmy Lieu
- [email protected]
- 614-300-7535
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