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Updated almost 2 years ago,
Buying property out of state?
Let me start out by saying, when I say out of state I mean within a 4 hour drive of where I currently am (ma) not across the country.
I’ve been following and reading a bit for the last few months and finally decided to make an account as I’m getting more serious about the idea of buying my first property.
I’ve found some properties in neighboring states (with a management co) that aren’t in the greatest areas, but the numbers look good. Is this a bad way to start out? I can try to find something nicer and closer to me, but my thought is I can spend more money and a higher down payment and not as much cash flow vs buying 1/2 properties and spend less money down and have more cash flow. Does this ever make sense and work out?
Think would go with a conventional loan vs a dscr loan.