Out of state investment for FIRST project? Good or Bad Idea? 🤔

[Mike Main]

Hey everyone! I’m new to the BP app although I’ve been following podcasts for about a year. I own a few businesses here in NJ and have built up a pretty strong cash flow and am looking to increase my cash flow and take advantage of the real estate tax benefits by investing in rental properties.

Dilemma: I live in NJ with crazy high prices and property tax with little room for cash flow.

I am considering buying into growing areas with low property tax like Florida or the Carolinas but am pretty intimidated with it being my first project (outside my own home).

Would love hear thoughts and opinions! Also any NJ investors that have some secrets for investing in state, I would love to connect.