All Forum Posts by: Jagpreet Singh

Thanks for the feedback guys. Any recommendations on reputable Turnkeys to look into? Obviously established companies with a proven track record?

Thank you everyone for the feedback. It seems most people suggest the mid-west areas. I have to do some research on the cities mentioned above. Another thing I'm noticing is people talking about Turnkeys. I've seen A LOT of mix reviews about using turnkeys. Is there something I should DEFINITELY look for when trying to find a turnkey?

Hello Bigger Pockets Community,

I’ve posted on here before regarding this same topic but due to personal matters, I had to delay the process. However, I am here now and ready to make a move!

Objective: To purchase out of state rental property(ies). I live In NYC and the home prices here are insane. Buying out of state will allow me to have a good price point entry and be able to see decent returns. Specifically, the type of location I’m looking into is up and coming cities, younger population, strong work force, good rental market, and in solid areas. Not looking for gamble purchases, yet. Maybe one day I can get into flipping houses but that is down the line.

Financials: I have about 45k to put down, very good credit. Ideally, I would rather have a renovated property so I can literally just buy and put on the market to rent and create passive income. I would have to hire a rental management company to take care of the place since I live in NY, such as rent collection, evictions, repairs, etc. Once the property is bought, I will be trying to visit the city more often and check up on my investments.

Timeline: Not rushing this but ideally I’d like to have an investment within the year, preferably 6 months.

Can anyone guide me along the process on how I can get started in going after this goal? First step, second step, etc. Last time I posted, I seemed to get a lot of agents from various cities. I’m open to hearing any tips that fit my goals listed above.

Thanks

Everyone, I appreciate all the feedback. I wasn't expecting this much advice! Just to be clear, I would fly to the city to check out a few properties before I invest. 

I like the idea of having low property tax and keeping more cash flow, however, in your professional opinions, does lower property tax = less than desirable cities to invest?

@Ali Boone That's a great point. A lot of this is new to me and I should take all things into consideration, like taxes and insurance in the cities. I'll start to look at some of those mid-western states. Lately, I've noticed I could find a multi-family unit in some cities for the same price of some Condos in NY! 

Would love to keep in touch and exchange helpful information!

@Andrew Johnson Thanks Andrew! That is a great point. One of the other reasons I dont want a rental in NY first is because real estate laws are tenant friendly. I've heard stories of people getting by for months without paying rent. I've narrowed my search to only owner friendly states. Less headache, the better. 

Is there a way I can look into what are A-areas and B-areas in certain cities? 

Thank you all for the feedback. I am definitely looking for towards "bigger cities" along the east coast. I agree @Jeff Wallenius, having a solid team is what I'm looking for because I will be interested in investments in the future if the first one turns out to be a good one. Seems to be a few agents from Ohio responding here so I'll do some research on the area. 

@Brandon M. I appreciate the feedback, thanks! How's the market looking in Clearwater? I've read good things about the area and it's potential for price appreciation.

Hello Bigger Pockets Community!

Currently I live in NYC and am looking to invest in a property (first one). As many of you may know, NY is expensive! Because of this, I'd like to look into a rental property out of state since the prices can be much lower (estimate about $40k down payment). I've done some research and saw that Florida (Tampa for example) have homes within the price range I'm looking for. 

My question is how do I go about doing this? Do I need a lawyer/accountant from the state of purchase? Any suggestions on up and coming cities that show appreciation and rental potential?

Thanks!