My sister and I bought a Single Family home !!!

8 Replies

  My sister and I bought a single family House in New Jersey. We all live in it, and we are excited. We used to rent in New York City , and rent kept on increasing. Like New York , New Jersey is an expensive market. We have a little over 17k and we would like to use it as a down payment to invest in smaller markets , like Ohio, Little Rock , or Indiana. We want to try the “snowball effect” and to grow portfolio.
Any advice or suggestion would be appreciated.

Thanks

Congratulations on the NJ house, and best of luck to you on your future investments.  Everyone here has there own preferred areas to invest, which fit their specific situation. 

The Lehigh Valley region of Pennsylvania might be worth looking into. I know that is a popular area to invest, relatively drivable for NJ, so you may want to add some of those cities to your Keyword searches.

As you are getting started and looking at markets, especially if they are at a distance, keep in mind any connections you already have to that area.  People you know and trust could save you some travel time, and give good insights on properties you're considering.

I wish you the best of luck on this, and trust that others here on BP will provide you with some additional help.

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Originally posted by @Hedman Maximus :

  My sister and I bought a single family House in New Jersey. We all live in it, and we are excited. We used to rent in New York City , and rent kept on increasing. Like New York , New Jersey is an expensive market. We have a little over 17k and we would like to use it as a down payment to invest in smaller markets , like Ohio, Little Rock , or Indiana. We want to try the “snowball effect” and to grow portfolio.
Any advice or suggestion would be appreciated.

Thanks

Congratulations… Maybe :-)

A number years ago I bought some properties with a partner. I learned a lot that help me so it was not a complete waste. We ended up having to liquidate the properties due to unaligned interest. Now if it’s a buy and hold its my wife and I only.

@Hedman Maximus
Nice, great to hear! I saw you mentioned Ohio on that list of places you were looking to invest! I live and invest here in Columbus, Ohio, and would highly recommend it. It has lots of population growth and job opportunities, which is what every out-of-state investor would like to see to make them feel comfortable investing in a market. On top of that, it's a nice hybrid of cash flow and appreciation. Above everything I have already stated, it's also home to The Ohio state university, headquarters for L-brands (Bath and Body Works, victoria secret, and Pink), White castle, Wendys, and the new Chipotle headquarters is being finished up downtown.  

Originally posted by @Hedman Maximus :

  My sister and I bought a single family House in New Jersey. We all live in it, and we are excited. We used to rent in New York City , and rent kept on increasing. Like New York , New Jersey is an expensive market. We have a little over 17k and we would like to use it as a down payment to invest in smaller markets , like Ohio, Little Rock , or Indiana. We want to try the “snowball effect” and to grow portfolio.
Any advice or suggestion would be appreciated.

Thanks

I recommend you read this article on OOS investing. It explains the importance of creating your core four. You will need to get a local, rockstar Realtor, contractor, lender, and property manager.

https://www.biggerpockets.com/blog/core-four-real-estate-team

I invest locally in Columbus, Ohio