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Updated 10 months ago, 01/25/2024

User Stats

7
Posts
15
Votes
Thomas Murphy
Pro Member
15
Votes |
7
Posts

Out of state investing - newbie RE investor

Thomas Murphy
Pro Member
Posted

Hello everyone, for the past several months I have been passively educating myself on RE investing by listening to BP podcasts, reading through these forums, and analyzing some multifamily properties using the BP calculators. I am eager to begin building my portfolio with a focus on long term hold duplexes to start, but I want to make sure I am not getting too far ahead of myself too quickly. 

I currently live in New Hampshire where it seems like entry prices for 2-4 units is pretty high (that is, if there are more than a handful for sale at any given time) so I'm not sure that this would be a good market to start in. With that being said, my curiosity has since shifted to out of state investing courtesy of these forums and BP podcasts. I have a pretty good understanding of the importance of building your "Core 4", but admittedly the thought of investing in a property you likely won't see in person is a little daunting. 

I am currently looking in the Columbus, OH area and have also read some positive reviews about the Tulsa, OK area. 

As a new investor, what are some actionable things that I can do today to get me closer to acquiring my first property? Side note, I have already been pre-approved for 2-4 units in NH, but I imagine that number will vary depending on the market I choose. 

I appreciate any tips/tricks/recommendations and I appreciate your time responding to this post. 

Happy new year!

  • Thomas Murphy