All Forum Posts by: Andrew McElroy

I am looking to invest OOS (currently reside in NJ, right outside of NYC) and was wondering what some of the best tools and resources are to analyze and research different markets? I am trying to build my crystal clear criteria so I can then start to work towards building my team in the out of state market that I eventually choose. Let me know!

I think Zillow and BiggerPockets tools is a good place to start. That is what I used to start purchasing in Columbus, Ohio

Those are two tools that I have found myself using the most. Columbus seems like a favorite market of many investors.

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Originally posted by @Joshua Janus:

Investing out of state will allow you to select the best producing markets now and in the near future. In order to be successful at it, I would advise developing your Core Four: investor friendly realtor, reliable contractor, sophisticated lender and a reputable property manager. You want every spoke of the wheel to perform so your investment tool can produce the returns you're looking for over time. Here are some relevant articles that go into more detail on out of state investing:

https://www.kiavi.com/blog/out-of-state-real-estate-investing

https://learn.roofstock.com/blog/out-of-state-real-estate-investing

I choose to invest in Cleveland and Columbus, Ohio. Cleveland is ideal for lower priced multi family properties with soaring cash flow. Columbus is a top five appreciating city in the US with an unexpected mix of cash flow which is backed up by a population and job growth. Breaking the One Percent Rule isn’t uncommon in either of these areas and can be applied as a baseline in situations where immense appreciation isn’t expected in B-C class neighborhoods. Whatever market you choose to put your money in, spend the time to learn it.

Joshua,

Thanks for the resources. Those Ohio markets sure seem to be favorites with investors. I will be sure to do my research on them.

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Originally posted by @Lee Ripma:

Checkout vestmap.com!

Thanks Lee, I will definitely check it out. I am also going to go back and listen to your BP episode!!

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BP Community,

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Hi Everyone,

I am currently looking to invest out of state (I am located in the NJ/NYC area) and was wondering what resources and websites people find helpful in researching markets?

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Originally posted by @Olivia Radziszewski:

@Dillan Mamou- congrats! I would recommend The Book on Rental Property Investing by Brandon Turner. It is one of the first books I read about investing and it really got me informed about a lot of things I had no idea about before. I would say that the fact that you have savings is great! I would keep building that up. Also, get in touch with people in your area who are familiar with real estate and investing. By having you license you will have the opportunity to meet like minded people who love real estate. Also being on here will connect you with many people. There are so many amazing and knowledgeable people on here willing to share, welcome to the REI world!

I am also a beginner in the real estate and I can tell you that you really cannot go wrong with any of the Bigger Pockets books. After you read The Book on Rental Property Investing, get a copy of The Book on Investing in Real Estate with No (and Low) Money Down, also by Brandon Turner. It really opens your mind up to creative financing and makes you realize there are so many different ways to get started. Good luck!!

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Hey Wesley,

I am in a very similar situation as you are, as I am just beginning in real estate. Two books that I have recently finished that I highly recommend are actually both Bigger Pockets books, both written by Brandon Turner. The first is The Book on Rental Property Investing and the second is The Book on Investing with No (and low) Money Down. I loved both of these books and they have provided me with a great base of knowledge and ideas. Hope this helps!

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@Bob Evans Thanks for the advice, I do agree with you. I am looking at some markets that are in driving distance from me.

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@Mike D'Arrigo thanks for the advice. I will take all this into consideration!

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All Forum Posts by: Andrew McElroy

Andrew McElroy has started 4 posts and replied 33 times.

Post: Market Analysis Tools

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Post: Market Analysis Tools

Post: Market Analysis Tools

Post: Quality market research resources

Post: Starting out as an investor

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Post: Good markets for first time investors?

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