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Updated over 8 years ago,
Going out of state to buy
folks - I am unable to find profitable opportunities after factoring in all costs including property management and taxes in NJ in desirable areas. Do you have recommendations on where I could do out of state investing to meet my return objectives of already a 10 % COC and $150 to $200 a door? I have literally run hundreds of APOD calculations in my home state and getting incredibly frustrated. To relate a recent history, I won a house on hubzu.com but they need me to close in 35 days. When I went into the property I found several things needed to be fixed including the copper pipes for plumbing that have been vandalized. So I cannot get a conventional loan without water being turned on. So my only option is a homestyle renovation loan which per my lender would take about 60 days to close. Hubzu imposes a penalty of a flat fee of $300 and $100 per day for any day over 35. The contractor expects $24k in repair costs. So a deal once found attractive based on which I bid is turning out not to be so attractive. This is one of the reasons I am considering out of state investing. Since these will be out of state, I definitely would need to account for a property manager and still obtain positive cash flow. Kindly advise.