Trying to make my game plan

2 Replies

For the last few weeks I have been dead set on investing into my first piece of income property. I love buy and hold multi family units. I currently reside in Delaware. With that said I don’t plan to live here for the long haul. If all goes to plan I will end up in North Carolina. Realistically In the next 3-5 years. I’m torn between buying property here and renting it out but then when I leave I either have to unload or get a management company involved. . Or go directly into buying property there. Where I have family/friends that would be willing to manage my properties and do repair work for me. Anybody have any input ?

     I would try to simplify it and look at where you are today and not so much where you think you might be in a couple years. I think it would be much harder for a new investor trying to get started by investing out of state than it would be for an experienced property owner to transition a property over to third party management. You would always have the option to simply sell the property when you moved also. Another thing to consider is financing. Owner occupied financing is going to come with more attractive rates and lower down payment requirements. I mean you have to live somewhere anyway right? 

     If you still are still undecided after considering those factors, I would compare both markets. If one is much better than the other for multifamily properties that could be the deciding factor. Good luck starting out on your real estate investing career!