Buying property in another state - How do I do it???

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Buying property in another state - How do I do it???

Jagpreet Singh
Queens Village, NY · Member since 2017 · 19 posts · 25 votes

Hello Bigger Pockets Community!

Currently I live in NYC and am looking to invest in a property (first one). As many of you may know, NY is expensive! Because of this, I'd like to look into a rental property out of state since the prices can be much lower (estimate about $40k down payment). I've done some research and saw that Florida (Tampa for example) have homes within the price range I'm looking for. 

My question is how do I go about doing this? Do I need a lawyer/accountant from the state of purchase? Any suggestions on up and coming cities that show appreciation and rental potential?

Thanks!

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Linda LabbePro Member
Investor · North Bay, Ontario · Member since 2015 · 709 posts · 262 votes
9y

Buying properties out of state is easy  you have to have a great team on the ground to  be your eyes and ears and hands.. I do a lot of work in Ohio  and Missouri where there are great prices and returns  and yes  you can get a property there  duplexes even for 40 k  fully renovated and rented and property management all in place  . More then willing to share my contacts they are great people

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  • Branden Irvine
    Lewis Center, OH · Member since 2017 · 2 posts · 1 vote
    9y
    Originally posted by @Robert Ellis:
    Originally posted by @Branden Irvine:
    Originally posted by @Priyanshu Adathakkar:

    @Jagpreet Singh have you considered Columbus Ohio? among the top rental markets in the country. $40,000 down can get you a good property in A class area with good rents. Let us talk if there is interest. 

     Sir - I am in Columbus and am looking to start.  I am considering coming to your meet up tomorrow.  Everything I've read says find a mentor starting out so I am hoping to start the path soon.

     Where is the meetup for tomorrow? must have missed that. 

     https://www.biggerpockets.com/forums/521/topics/43...

    link attached 

    1Reply
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    9y
    Originally posted by @Branden Irvine:
    Originally posted by @Robert Ellis:
    Originally posted by @Branden Irvine:
    Originally posted by @Priyanshu Adathakkar:

    @Jagpreet Singh have you considered Columbus Ohio? among the top rental markets in the country. $40,000 down can get you a good property in A class area with good rents. Let us talk if there is interest. 

     Sir - I am in Columbus and am looking to start.  I am considering coming to your meet up tomorrow.  Everything I've read says find a mentor starting out so I am hoping to start the path soon.

     Where is the meetup for tomorrow? must have missed that. 

     https://www.biggerpockets.com/forums/521/topics/43...

    link attached 

     thanks

    [email protected]786-494-6766
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    0Reply
  • Jagpreet Singh
    OP
    Queens Village, NY · Member since 2017 · 19 posts · 25 votes
    9y

    Everyone, I appreciate all the feedback. I wasn't expecting this much advice! Just to be clear, I would fly to the city to check out a few properties before I invest. 

    I like the idea of having low property tax and keeping more cash flow, however, in your professional opinions, does lower property tax = less than desirable cities to invest?

    0Reply
  • Patrick Watters
    Member since 2019 · 3 posts · 0 votes
    7y

    Jagpreet singh minority mindset?

    0Reply
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