Out of State Rental Property

[Mike Oz]

I'm a 21 year old college student who lives in New York. I have about $25,000 to invest but home prices in New York exceed my budget. Therefore, I am searching for potential rental properties that can bring in some cash flow in Ohio, where home prices are significantly cheaper than New York. An average 3 bedroom 1-2 bathroom single family house in the city I'm looking in Ohio rents out for $800-$950. These sorts of houses over there usually cost between $60,000-$80,000. I also know an investor in the area who is willing to help me buy and manage the house. 

Does this sound like a good plan? Any advice will be much appreciated. Thank you!

[Zeke Liston]

Originally posted by @Mike Oz:

I'm a 21 year old college student who lives in New York. I have about $25,000 to invest but home prices in New York exceed my budget. Therefore, I am searching for potential rental properties that can bring in some cash flow in Ohio, where home prices are significantly cheaper than New York. An average 3 bedroom 1-2 bathroom single family house in the city I'm looking in Ohio rents out for $800-$950. These sorts of houses over there usually cost between $60,000-$80,000. I also know an investor in the area who is willing to help me buy and manage the house. 

Does this sound like a good plan? Any advice will be much appreciated. Thank you!

 Hi Mike, I know someone in Hawaii who purchased a single-family in Columbus, OH for under $80K and is renting it out for the 1% rule. I think that this goal is 100% attainable. I would just make sure you get connected with the right team, as that will make or break your success as an OOS investor.