My first Out-of-State Buy & Hold!

[Steven Rubino]

Happy New Year everyone!

So my wife and I finally took the plunge and pulled the trigger on our first out of state buy and hold! It's been a crazy experience, and honestly, it would not have been possible without this great community - so I wanted to make this post and hopefully inspire/help someone else to do the same!

We live in Boston and after looking for a multi-family for a little while we decided this market was just too pricey for us. It never even crossed my mind owning property out of state, then I came across this book (which I HIGHLY recommend if you're interested in this topic) The Turnkey Revolution by Christopher Clothier. Wow - what a mind-shift! From there I was hooked.

We settled on Tampa as our target market (based on many different factors), connected with some great people here on BP and started building our team. Fast forward a few months and closed on our first duplex! Here are the numbers:

Purchase Price: $185,000

Down Payment: $54,000

Reno: $25,000

Total Monthly Rent: $2,200

Total Monthly Cashflow: $600

I am planning to refinance soon given the low rates and the value-add due to the reno and hopefully recoup some cash. From there it will be on to the next one!

Let me know what you guys think of the deal! And if out of state investing is something you think isn't possible, IT IS! Trust me! I never in a million years thought I would buy a house sight unseen, and here I am...

[Neil Schoepp]

Amazing what happens when you leave your comfort zone and start to crush limited beliefs. Congrats. It's off to the races now. 

"You did it once , you can do it again"  ~ my fitness coach every time he kicks my a**  ha ha