@Sierra JohnsonThe only way you can really get burned if property values go down is if you are hoping and praying on a good refinance or in the middle of flips.

What’s your plan if you closed on the deal and when you went to the house it had burned down the day before?

Most of the time, out of state investors end up getting burned by buying a cheap 2-4 unit in a D area as there are so many variables that occur on those areas that lead to your cash flow getting eaten up. 

A lot of people don’t like PM companies and I get that, I have been burned more times than not by bad PMCs.

The reality is that listing agents here have been burned by national lenders who don't understand the nuances of our condotels and oceanfront buildings and end up not being able to underwrite the deal. 

Bed and Breakfast and hotels have always existed, people advertised in the newspaper or the yellow pages or left a single candle burning in the window.  

House-hacking is an option, but MF homes in Hudson county are VERY high in price and the ones that aren't are practically burned down. 

Obvs you can burn your one FHA and house hack on something you wouldn't mind living in.

We put in a wood burning insert and it was pretty expensive.

Purchase price: $11,000 Cash invested: $200,000 Sale price: $352,500 This home was a burn house that we completely remodeled and we added a 1st and 2nd floor addition.