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Updated almost 5 years ago, 01/20/2020
Newbie out-of-state investor from the Garden State
Hello everyone,
I'm Nischal from New Jersey. I was introduced to the biggerpockets family by a friend who said "this is the mecca of real-estate learning "!
Hailing from good ol' New Jersey, I am new to the world of real-estate investing and I felt the timing couldn't be better to kick-start this journey (new decade -new hopes and aspirations)
Presently, my goal is to build a portfolio of MFH's over the course of the next 10 years. My primary focus in terms of locations is the Central Texas area (Killeen, Copperas Cove, Harker Heights, Belton and Temple Tx)- however I'm also interested in McAllen Tx and GRV .
I hope to learn from other members, share my journey (and lessons learnt) and provide constructive contribution to this group.
I'm certainly looking forward to connecting with other members who are out of state investors like me and have investments in the mentioned areas.
Also - are there any NJ REI that meet up on a regular basis ? Would love to catch up with BP members in person!
Why not invest in good ol' New Jersey? Do you have experience in Texas? Know people who can be your boots on the ground there? It would probably be alot less stressful to start investing where you are from.
Originally posted by @Brian Simpson:
Have you ever visited any of these areas?
@Brian Simpson, I have not but I intend to very soon.
Originally posted by @George W.:
Why not invest in good ol' New Jersey? Do you have experience in Texas? Know people who can be your boots on the ground there? It would probably be alot less stressful to start investing where you are from.
@ George W., The plan is to eventually move lock stock and barrel to Texas and these investments are a precursor to that.
At present I do not have a team set up to get the ball rolling ..I was hoping for some guidance from similar investors who have properties in the area.
Ok so first pin down an area McAllen is 8 hours from Waco next find a realtor (preferably one that specializes in investment and or does so himself) in the areas you want. If the realtor is in then he can identify many if not all of the other players in your team.
I'm in DFW and have properties all over the state and in several states. In my humble opinion you need to start your investing in your home or local to you and grow out, but it's not a great reach to do as you have stated you intend here
Originally posted by @Brian Simpson:
Ok so first pin down an area McAllen is 8 hours from Waco next find a realtor (preferably one that specializes in investment and or does so himself) in the areas you want. If the realtor is in then he can identify many if not all of the other players in your team.
I'm in DFW and have properties all over the state and in several states. In my humble opinion you need to start your investing in your home or local to you and grow out, but it's not a great reach to do as you have stated you intend here
Thank you for the pointer.Much appreciated sir!
@Nischal C. welcome to BP! I agree with @Brian Simpson if Texas is a long term play for you it's worth hooping on a plane and visiting a couple of the cities you mentioned above and setting up your local team. Best of luck!
I’d be careful investing out of state in TX. I’ve seen more than one out of state investor get burned in Killeen market. You really need to pay attention to neighborhoods. Just a few blocks can make a huge difference. I started my search from out of state. I ran all the numbers, looked at listings and decided where I was going to invest. Thank goodness I waited until we moved to Texas before I pulled the trigger. The “good deals” were in bad neighborhoods. Once we had a chance to drive around and look at a bunch of properties I totally changed my strategy. Look at crime maps on Trulia to get a better idea. Read the local paper. There was a story earlier this year about how North Killeen was becoming a food desert. Most of the grocery stores has closed. There was a Carl Jrs that closed. It’s pretty bad if you can’t keep a fast food joint open. My advice is to buy a plane ticket and look at a bunch of properties before you decide. Once you decide on an area, move fast. The good ones don’t last long. Be ready for multiple offers, and paying more than asking price. There is a lot of out of state money pouring into Killeen.