Out of State Buy & Hold
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.
Most Popular Reply
#5 All Forums Contributor
- Plymouth, MI
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.