Help with new multifamily Investment.

[Daniel Benyamin]

Hello Everyone,

I'm looking to buy an investment property in New Jersey, I was looking for condominiums because they are selling for around $150,000.00 for one bedroom, and to purchase a multifamily with 4 apartments in this area will cost somewhere around $800,000.00, so basically, through the years I did not get to any investment that required a significant investment because I did not want to carry a large debt and I don't have a large sum to put as down payment.

So my hesitations about purchasing a multiunits are as follow:

I don't want to carry a large debt.

I like to buy the next property in New Jersey because I'm familiar with the location.

I'm aware that the purchase price is high, and I'm unable or I'm reluctant to invest, so I may be in need to consider a new location to invest in.

I hope that some of you  who experienced the same "problems" can share your experience and how you wore able to invest successfully.

Thanks,

Daniel

Daniel

[Steven Foster Wilson]

Quote from @Daniel Benyamin:

Hello Everyone,

I'm looking to buy an investment property in New Jersey, I was looking for condominiums because they are selling for around $150,000.00 for one bedroom, and to purchase a multifamily with 4 apartments in this area will cost somewhere around $800,000.00, so basically, through the years I did not get to any investment that required a significant investment because I did not want to carry a large debt and I don't have a large sum to put as down payment.

So my hesitations about purchasing a multiunits are as follow:

I don't want to carry a large debt.

I like to buy the next property in New Jersey because I'm familiar with the location.

I'm aware that the purchase price is high, and I'm unable or I'm reluctant to invest, so I may be in need to consider a new location to invest in.

I hope that some of you  who experienced the same "problems" can share your experience and how you wore able to invest successfully.

Thanks,

Daniel

Daniel

 Hello Daniel,

Most of my other clients have experienced the same thing as you, what they did was they looked out of state to get better deal for themselves, now it may seem daunting to invest out of state especially since you aren't aware of the location, that's why it's always importatn to surround yourself with a great team if you are wanting to consider a different location (eg a realtor, good PM, lender, contractor, etc) 

If you are interested in taking this approach, I recommend you read this article on OOS investing. This explains who you need on your bus! All the pieces to making a successful business.

https://www.biggerpockets.com/...