Out of Town/State Passive Income Portfolio - Long Island

[Joseph Fradelakis]

Hello everyone! 

This is my first post on this forum and yes I am new to real estate investing. I own a 2 family house in Nassau County, Long Island. I live one one side and rent the other. 

I currently run a CPA firm with my dad and brother. I would like to use the money from our business to invest into real estate.  I am primarily interested in multi-unit buildings as a passive income portfolio seems to make the most sense for me. Considering where I live, there are tons of overpriced single family homes and the property taxes in general are pretty absurd. The rent to property value ratio is pretty terrible. Any commercial or multi residential type properties I find online, the numbers look horrible (often negative cash flowing) when I run them on the Bigger Pockets calculator. 

Therefore I assume out of town/state multi-unit properties in select and profitable areas would make sense. However now that there is a distance factor, it all comes down to the right property manager once the numbers work. I am new to all of this and it is very overwhelming. The concepts are simple, and I grasp them easily, but the reality of implementing this is daunting. I'm sure once I get past the first deal my whole mindset will change but I can't help feeling extremely vulnerable trying to do this without initial experienced guidance.

I can come up with $50-$250k from my business LOC and I have good credit so I don't see a problem getting conventional financing.

I undoubtedly want to buy my first multi-unit property this year (2016). If anyone has any suggestions regarding a good area for multi-unit properties and/or property managers they recommend alongside the area, any input at all is appreciated! 

Thank you

Joseph