Buying Primary Residence in NJ and Investing Out of State

[Prem Schoff]

Hello,

I plan to purchase rental properties out of state using combo of turn-key and/or local team for long term holds. My wife wants to buy a primary residence in Norther NJ (tri state area). We are looking at relocating to Pacific North West in 5-6 years. I think it's not a good investment to buy in NJ with high property taxes & property values. When you factor in closing costs (up to 5%) when you buy and commission (6%) when you sell, the property is going to have to appreciate fairly significantly to come out ahead in a 5-6 year span. My preference is rent and use the capital for REI out of state but wife is set on buying.

Any thoughts?

Thanks,

Prem