Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 4 years ago, 10/09/2020
Starting out in out of state rentals properties
I live in New Jersey and I am considering investing out of state in Alabama rather then in Jersey because I can see a higher ROI almost 10 times out of 10 over there. Had a few questions if anybody has experience in this area or just out of state investing in general...
- How do I go about taking out a mortgage in out of state properties
- Where can I find good property management companies
- Should I purchase this property as an "investment property" or a "secondary property" (I do not own a home in NJ)
- Where are the best places to form my team when looking out of state ( Contractors, handymen etc..)
My overall goal is to purchase a home, rent it out, pay my mortgage off with my tenants money and make a little "passive" income monthly on top of it. Eventually I want to be able to (hopefully) own enough properties to rent out and match what I make at work with my rentals. Any advice or guidance would help. Thank you!