Fellow NYC-ers. Where do you invest?

[Milan Obradovic]

hey Guys,

Being in Brooklyn, I am always looking out for potential multi family deals close by but out of NYC just because of my budget.  A few places I have my eye on are Garfield, Trenton, Yardley, East Stroudsburg, Easton, Allentown, even Mount Vernon. I am wondering where some of you locals began investing if you did out of the city and why? Also how has it been managing something farther away. Looking forward to reading opinions and stories!

[Raul R.]

Before investing Out of State I looked in our Local Market, after a year of looking and numbers not makings sense I decided to look elsewhere.

I decided as a beginner Im better off investing in a Landlord Friendly State, I landed in NC. The markets I'm in are now very competitive but I am becoming creative with my offers to have an edge.

As with everything there are Pros & Cons, in the beginning expect to travel more than you might like but once you have a system and a team in place its smooth sailing. I now only travel, to find new Markets, make new acquisitions or meet new team members.

Before looking outside NY state I considered Upstate NY but I decided I prefer flying 2.5 hours to avoid the snow than driving 2 hours into the Snow... There are many investors in NYC that invest in Upstate because prices are much better than in our market, it wasn't for me.

Biggest plus I believe of investing OOS is if you succeed you will have the confidence to branch out to any Market. I recently decided to diversified & I'm now in Contract in a new market..

If you are considering investing OOS read @David Greene  Long-Distance Real Estate Investing book, I heard the audio book on my recent trip. Even though I have a little experience I found it helpful to know I'm already practicing what David is preaching and book gave me a couple of new ideas, I recommend reading it..