How do you go about investing out of state?
Hello! I'm a Engineer working full time in New York and I'm interested of how people go about investing out of state in a state that has very low or no cash flow. (I have 40k in downpayment prepared for my first investment)
How do I find a hot market? I have my sights set in Florida and Ohio now. I have family in Florida that's in the flipping buisness but we aren't to close to them and people seem to be raving over Ohio as of late.
Should I be going for 200k multi family properties or try and shoot for a 50k property?
I'm more so interested in buying and holding
right now in multifamily housing. I want to get my feet wet and make a deal already but I'm not sure if im rushing into it.
I have started off reading Rich Dad Poor Dad and it was a fantastic read and now I'm going to buy Davird Greenes book of out of state investing.
Most Popular Reply
Do yourself a favor and invest passively alongside an experienced investor who can put you in a much larger investment (100+ units). @Omar Khan is a reputable sponsor and active investor on BP. Consider contacting him to see what he is up to.
Bigger properties lead to:
1) Less tenant risk
2) Better economies of scale (less cost/unit compared to single family or small multifamily)
3) Better returns (see 1 and 2)