Live in Phoenix - Investing our of State
Hi! I will be closing on my first house in less than a week out here in the Phoenix area (house hacking of course) where I will only be paying $200 per month on my mortgage (would be less but I’m helping my brother out while he’s in college and doesn’t have anywhere to stay).
Now that I will have my first place and won’t be paying much, I am finally in the mode to start investing in rentals. I have always wanted to start investing in multi family, but I don’t really like the market for multi family out here in AZ, so I am looking at investing elsewhere instead.
I am currently looking at a few states, like Kentucky or Nebraska, or some inner-most states that generally have better home prices and still provide great cash flow.
Are there any tips on investing out of state besides having a solid team that knows the area really well?
I also am looking for a partner(s), either in Arizona or another state, to start investing with, not just for splitting costs, but to also really learn and feed off of each other and to create a community of people with the same drivers and motivators! If you or anybody you know is looking for someone, please let me know.
Thank you!
Most Popular Reply
@Evan Eberle Yep, I'm looking on staying in my current house in Gilbert for the time being. I can definitely appreciate the advanced house hacking strategy of house hacking a home for a year or so and then moving onto the next house hack, but due to my current life situation (girlfriend, thinking ahead to a future family), I don't plan on moving anytime soon. And I'm still in the process of buying new furniture, so thinking about moving again makes my head spin haha! So I'll end up staying with the single house hack strategy.
What makes it even funnier is that I bought David Greene's bundle and will be reading the BRRRR book next! I think you have a solid strategy right there. I actually haven't looked into the areas that I'd like to invest in yet. I was planning on starting that once I get a roommate and have my house completely in order (hopefully within the next month or so) before turning all of my free time to learning and investing in real estate. Here's my new member post where I talk more about my plans (very interested in the BRRRR strategy):
https://www.biggerpockets.com/forums/55/topics/859266-new-member-from-gilbert-arizona
I would like to try and find my first deal within 2 hours of the Phoenix Metro area. Having read David's long distance investing book, I am more confident than I originally was, but I would still feel a bit more comfortable starting off locally and then moving up to long distance. However, if deals are hard to come by, I would be open to branching out into long distance investing sooner.
Connection accepted! I am definitely looking to build up my network here on BiggerPockets!