First Out of state rental

[Wayne Mack]

Good morning All, 

I am currently located in the greater NYC North Jersey market and I am looking to close on my first multifamily rental property within the next 3 months. The market here is expensive and make it difficult for investors starting out. I have been thinking about having my first rental be an out of state property so I can get more for my money. I have been researching the Cleveland and Hreater Philadelphia area respectively. 

Any advice would be greatly appreciated. Thanks in advance 

[Troy Sheets]

Originally posted by @Wayne Mack:

Good morning All, 

I am currently located in the greater NYC North Jersey market and I am looking to close on my first multifamily rental property within the next 3 months. The market here is expensive and make it difficult for investors starting out. I have been thinking about having my first rental be an out of state property so I can get more for my money. I have been researching the Cleveland and Hreater Philadelphia area respectively. 

Any advice would be greatly appreciated. Thanks in advance 

Hi Wayne,

I don't have an opinion on the Cleveland market as I know nothing about it and can't compare the two. I can tell you I'd rather be able to drive to my property and check it out occasionally (assuming you're outsourcing management) rather than flying to Cleveland. Unless you have family/work/some other reason to travel to Cleveland regularly, I'd stick closer to home. 

If you're going to self-manage, the drive-ability factor is even more important.