New Out-of-State Investor Seeking Advice
Hello BP community,
I live in the Bay Area and would like to purchase my first multi-unit property in south western Pennsylvania. I am from Pittsburgh and this is where I am most familiar with the neighborhoods. Given that I am out of state and a first-time investor, I’d prefer my first property require minimum upfront updates. I have spent the last few months researching and evaluating deals, however, nothing seems to be hitting my numbers and I am unfortunately feeling a bit stuck. Below are the high level criteria I am basing my decision on before making an offer on a property:
- B/B- Neighborhood
- CoC >=8%
- Asking price <=180k
- Required updates <=10k
For the Western PA investors out there, is this doable? Or have I missed my opportunity for getting a rather turnkey multi-unit at this price point?
For the out of state investors, how have you successfully managed putting in a bit of work in on properties while not being regularly present? What kind of team do you need to have in place? What works for you for engaging with this team?
Thanks in advance!
