Long distance investing

[Manuel A Zuaznabar]

Hello everyone,

I've been trying to buy property in my home market of NYC, but it's been quite challenging. I'm considering looking into Pennsylvania or upstate New York instead and would appreciate any advice. I've spoken to fellow firefighters who have invested upstate, and they seem to be doing well.

Thanks in advance for all the help!

[Nicholas L.]

@Manuel A Zuaznabar

can you start with a house hack

[Mike Paolucci]

Quote from @Manuel A Zuaznabar:

Hello everyone,

I've been trying to buy property in my home market of NYC, but it's been quite challenging. 

@Manuel A Zuaznabar if you can find a house hack (2-4 units if possible) deal that makes sense locally, do it. Otherwise I'd suggest looking into other affordable markets that have a good growth rate & other economic drivers. 

I originally started off as a OOS investor from CA and chose to invest in the Midwest. Happy to answer any questions you might have if you're interested in that kind of investing. 
 

[Manuel A Zuaznabar]

Quote from @Nicholas L.:

@Manuel A Zuaznabar

can you start with a house hack

I can but currently multi families in my area run  in the 700-800,000 range so numbers are tight and heavily reliant on the tenants. I would preferably love to house hack of course. 

[Manuel A Zuaznabar]

Quote from @Mike Paolucci:

Quote from @Manuel A Zuaznabar:

Hello everyone,

I've been trying to buy property in my home market of NYC, but it's been quite challenging. 

@Manuel A Zuaznabar if you can find a house hack (2-4 units if possible) deal that makes sense locally, do it. Otherwise I'd suggest looking into other affordable markets that have a good growth rate & other economic drivers. 

I originally started off as a OOS investor from CA and chose to invest in the Midwest. Happy to answer any questions you might have if you're interested in that kind of investing. 
 

 I would love to pick your brain if possible. Especially since you came from a HCOL state as well. 

[Nicholas L.]

@Manuel A Zuaznabar

understand it's expensive / high barrier of entry but the midwest comes with issues too

i think it's worth it

what you don't want to do is buy a random property that looks great and then start sinking tens of thousands into it

like these folks

https://www.biggerpockets.com/forums/963/topics/1195280-expe...

https://www.biggerpockets.com/forums/48/topics/1160450-run-i...

[Manuel A Zuaznabar]

Quote from @Nicholas L.:

@Manuel A Zuaznabar

understand it's expensive / high barrier of entry but the midwest comes with issues too

i think it's worth it

what you don't want to do is buy a random property that looks great and then start sinking tens of thousands into it

like these folks

https://www.biggerpockets.com/forums/963/topics/1195280-expe...

https://www.biggerpockets.com/forums/48/topics/1160450-run-i...

 Yikes! I definitely wouldn’t want those issues. Maybe I should just keep aiming for in the states. I was thinking of properties that were more 3-4 hour drive away rather than the midwest but I can still have these same issues. 

[Samuel Diouf]

Quote from @Manuel A Zuaznabar:

Quote from @Nicholas L.:

@Manuel A Zuaznabar

understand it's expensive / high barrier of entry but the midwest comes with issues too

i think it's worth it

what you don't want to do is buy a random property that looks great and then start sinking tens of thousands into it

like these folks

https://www.biggerpockets.com/forums/963/topics/1195280-expe...

https://www.biggerpockets.com/forums/48/topics/1160450-run-i...

 Yikes! I definitely wouldn’t want those issues. Maybe I should just keep aiming for in the states. I was thinking of properties that were more 3-4 hour drive away rather than the midwest but I can still have these same issues. 

When investing OOS you need to know what you're trying to achieve through real estate and you need to source and develop a top tier core-4 team. I work with plenty of OOS investors who are having great success here in Ohio. Personally, I moved from the Florida market to start investing in Ohio. 

[Mya Toohey]

I work with all OOS investors.  I am in The Tampa Florida area.  Buying an investment here also gives you a reason to vacation here and use it as a tax deduction.  LOL...I'm not an accountant but I know it's why a lot of my investors but here from up north.

[Jimmy Lieu]

Quote from @Manuel A Zuaznabar:

Hello everyone,

I've been trying to buy property in my home market of NYC, but it's been quite challenging. I'm considering looking into Pennsylvania or upstate New York instead and would appreciate any advice. I've spoken to fellow firefighters who have invested upstate, and they seem to be doing well.

Thanks in advance for all the help!

Hi Manuel, I personally recommend checking out Columbus OH. The macroeconomics in Columbus is booming because of the growing population and strong job market brought by a lot of companies moving and building out here like Intel, Amazon, Google, Meta, etc. I moved here from Portland OR to start house hacking then moved on to purchase rentals and grew my rental portfolio to over seven figures. My out-of-state clients love it here because they are able to purchase deals that are cash flowing, hits the 1% rule, and has lots of appreciation potential. And the rules are landlord-friendly too! Happy to connect and answer any questions you may have.

[KiKi Wood]

Hi Manuel! If you're ever looking in other markets, I specialize in helping OOS investors in the Indianapolis, IN market. My fiancé and I also manage 60+ properties in Indy, mostly STR and MTR. If you're ever looking in the area, I would love to potentially help you! :)