Out-of-state Multifamily Purchase

Out-of-state Multifamily Purchase

Member since 2023 路 21 posts 路 16 votes

Hi everyone! Recent lurker and learner here. I'll cut straight to the chase - I have $100k cash and I'd really like to buy a 3 or 4 unit multifamily. Yesterday my job was eliminated, so my main source of income is gone, however, I have $1,425/mo coming in from a condo that's paid off. I spoke with my mortgage broker and she advised as long as the numbers make sense, I can still purchase an investment property. 

I was scouting out towns in Rockland and Orange Counties, but (as some of you may have already guessed), the prices of homes in the area are ridiculous. Based on my future goal(s), I'm aiming to purchase a multi with good cash flow and I don't think that'll be possible in the surrounding markets.

With that said, I'm considering looking into Pennsylvania and Delaware....maybe Jersey too? They're all within reasonable driving distances for me. I've been looking into all 3 states over the past few days but would love to connect with and hear from anyone familiar with the markets. 

Thanks in advance!

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Bradley BuxtonBusiness Member
Real Estate Agent 路 NV 路 Member since 2023 路 1k+ posts 路 715 votes
2y

@Diane Bonheur Take a look at the Reno market. We work with many CA investors looking for something close by yet more affordable and good appreciation. There are MF properties that cash flow in some B areas around Reno. The Tahoe market still has some STR opportunities. The best part about Reno / Tahoe Nevada are it's landlord friendly, Real estate taxes don't reassess on the sale, insurance is low and we continue to have increased in migration, jobs (no state income tax) and our own land constraint issues which prevent the market from getting overbuilt. I'm happy to be a resource for you in the NV market.

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  • Investor 路 Northern Virginia 路 Member since 2017 路 159 posts 路 59 votes
    2y

    Congrats on the liquid to invest! Looks like you have alot of options. Let me know if you still looking for some or want to talk out options. Great problem to have. 馃檪

  • Member since 2023 路 21 posts 路 16 votes
    2y
    Quote from @Ty L.:

    Congrats on the liquid to invest! Looks like you have alot of options. Let me know if you still looking for some or want to talk out options. Great problem to have. 馃檪


     Please check DM!

  • Member since 2023 路 37 posts 路 32 votes
    2y
    Quote from @Diane Bonheur:
    Quote from @Greg McLaren:
    Quote from @Diane Bonheur:

    Hi everyone! Recent lurker and learner here. I'll cut straight to the chase - I have $100k cash and I'd really like to buy a 3 or 4 unit multifamily. Yesterday my job was eliminated, so my main source of income is gone, however, I have $1,425/mo coming in from a condo that's paid off. I spoke with my mortgage broker and she advised as long as the numbers make sense, I can still purchase an investment property. 

    I was scouting out towns in Rockland and Orange Counties, but (as some of you may have already guessed), the prices of homes in the area are ridiculous. Based on my future goal(s), I'm aiming to purchase a multi with good cash flow and I don't think that'll be possible in the surrounding markets.

    With that said, I'm considering looking into Pennsylvania and Delaware....maybe Jersey too? They're all within reasonable driving distances for me. I've been looking into all 3 states over the past few days but would love to connect with and hear from anyone familiar with the markets. 

    Thanks in advance!


    Hey Diane!  When it comes to NJ something to be aware of is the new 'lead based paint in residential dwellings' legislation.  It could potentially have some big cash flow consequences if you purchase a home that was built before 1978.. here is the state guide: https://www.nj.gov/dca/divisions/codes/resources/pdfs/lead_b...


     Thank you! NJ is looking like it won't be the ideal place for me to purchase a property. I've heard it isn't landlord friendly

    Yes, I agree. I'm based in New Jersey and looking at out-of-state deals. The prices here are astronomical and overpriced. Also not being a landlord-friendly state makes it a bad idea. I got family that couldn't evict a tenant for almost a year that was extremely painful, and I wouldn't want to go through that. 

  • Investor 路 PA 路 Member since 2024 路 25 posts 路 3 votes
    2y

    @Diane Bonheur Hey there.. good job on the investments so far.. I am in PA, feel free to connect, I help out of town investors.

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