Out of State Investor Providing Affordable Living Solutions and Short Term Rentals

[Christian Pichardo]

• Hey all,
• I have been listening to Bigger Pockets content for maybe 4 years and finally have removed myself from some side hustles, have the capital, and grew the...brains to start real estate investing.
  
  QUICK BIO:
  I am based in New Jersey, I work as a marketing/efficiency consultant, and have 2 avenues of real estate investing:
  
  Short-Term Rentals: I have 3 short-term rentals using my parents apts in NJ ( 1 of them just launched in Nov) for the past 2yrs near NYC (1 of them just launched in mid-Nov). We consistently produce over $70k in net income and I distribute this to support my family.
  
  Long-Distance REI: I am looking to invest in long-distance cash-flowing SFH in growing C-Class neighborhoods. I blindly invested in an overpriced 3BD SFH in Cahokia Heights, IL April 2024 and have been carrying costs since then! Learned all the lessons needed on this one for sure.
  
  I am now feeling the positive pressure from the huge mistake and looking to leverage all the resources I can to make sure I do long-distance real estate investing the right way from here on out.
  
  GOAL: 
  I plan to purchase 3-5 SFH to hopefully cashflow $2,500+ in the next 2-3 months. Hopefully grow that to $10k/m in 2025, then JV on deals with my family while traveling. Come back to 3-4x that within 5 years. Have a baby, and gallop into the sunset (while still making calls to PM's)
  
  INTEREST:
  I first got interested in Real Estate Investing because of the potential financial freedom it can provide to me and my family.

[Jonathan Greene]

Welcome. I would sell that property in IL and chalk it up to a learning experience. If you are just carrying it, why keep it if you know you made a bad deal? Just take the loss and repurpose the downpayment capital into something better. Where are your STRs in NJ? I would also consider MTR in these markets as it is highly profitable with less turnover and more options for guests.