Updated about 5 years ago on . Most recent reply
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
Hey @Andrew Daus! Thanks for the reply and thanks for the congratulations as well! Feels great finally getting into the game. It was not as hard finding tenants as I thought it would be as well, which has helped tremendously. And great job for deciding to get into house hacking! I just received my first payment from my tenants and it creates a lot of excitement knowing that I won't be paying my $1,000 in rent anymore (that I currently am in an apartment). Are you looking to stay over in the East Valley area for awhile? I currently live in the South Mountain area, but my house will be out in the Westgate District in Glendale.
Funny that you brought David Greene's book up as well, that was actually the next one I planned on reading also on top of the BRRRR book. I have been listening to podcasts and videos on YouTube nonstop over the last couple weeks and finally realized that I want to primarily do out of state investing, on top of getting into a new home every one or two years as well. Have you looked into what areas you would like to invest in yet?
I would love to connect if you want to sometime to see what each other knows and hopefully have a great connection that could be used down the road also!