I am new to RE investing and have never purchased an investment property before. i live in Northern NJ and properties are expensive. I think my strategy is Buy & Hold for now. I need some direction/advice and I am looking for a partner. I could be wrong but perhaps I should focus out of state even though there are challenges to overcome if I go that way. I am not opposed to investing in NY/NJ though. Any thoughts? Need a lot of direction and advice. Thanks.
That is the way to do it. The Market dictates what and where you are going to do it....flipping or holding that is. Markets can be good for both, but are usually strong for one and weak for another.
Michigan is great for holds and because of that many out of state investors are coming here to buy holds. They flip in their state, and take the profits and buy with cash here.
If you decide to do this, make sure you don't just waltz into a state and partner with anyone simply because they are convenient...and they are there. Make sure they have an actual business/partnership plan/system in place that is active. Many of my out of state partners tell me they almost stopped investing out of state because they had a bad experience with their first attempt.
@Sean Abrams - Hi Sean, I am in Parsippany, NJ and am in the same position as you. The properties here are expensive and from the research I have done, it seems that buy and hold is the way to go in this area. I would love to do a flip for my first investment. If you would like to PM me, please do and maybe we can meet up. Let me know.
Hi Rita, sorry new to this....by writing in this message box am I PM'ing you or do I have to click on Connect?
@Sean Abrams - I emailed you privately from your profile!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing