Best out of state locations to invest in

[Miguel Rojas]

Good evening, I'm currently an undergraduate student majoring in Finance. My professor recommended me to Bigger Pockets to connect with real estate professionals. Overall, this is an amazing site! 

I had a quick question, I'm very interested in buying a multifamily rental out of state. I know that's a big step to take starting off, but I'm from New York, so its tough to actually afford a property out here. Would love any advice on out of state locations that are great to start off in. I'm willing to partner up. Thanks! 

[Peter Nikic]

Miguel,

It's a long slow process where ever you buy. Having said this, I was living in the Bronx when I started, not much older than you. 

I bought my first condo in Poughkeepsie in 1987 for $61k. It was the height of the market but I was able to buy it for 10% down w an ARM that never went above the orifinal interest rate. Rates were a lot higher back then, about what they seem to be getting at today.

I've since bought in the Bronx, Harlem, Westchester and Dutchess Counties. But more recently, I decided t buy out of state. I started thinking about where and why? There are so many great places to invest. 

My where was narrowed down to TN, NC & SC

Why, because it was geograpgically half way between NY & FL, so for me it's ideal. I now have 2 investment properties in TN and hoping to close on a 3rd within the next month.

So think about your where & why as you're researching areas and eventually you will decide on a place. I would try to narrow it down to one and only one location outside of NY. You don't want to find yourself spreadout.

It took me 35 years to get where I am. I've learned a lot over the years, so reach out if you have any specific questions.