I've sorta been in a rut, I've been looking for properties for months now in New Jersey, I can't seem to find a decent property worth the time and day, let alone look at one with decent returns due to the second they go on the market it's under contract ,literally... which is very upsetting.
I'm sorta loosing hope...
I'm debating on looking into moderately distressed areas in New Jersey for 4-plexs and possibly to invest in and hold, possibly dealing with HAP. (Not Sure)
Second I'm thinking of investing out of state into small apartment buildings that are established and provide a decent return not dealing with low income.
I'm leaning towards the second option, this would be my first investment property, I've been looking at duplex's and all and i feel for the amount you pay for a duplex here it's worth a building in a another state with triple the units and possibly more of a return.
Any advice from a person who has done this or is presently doing this would be great !
What is your experience managing a building out of state? Is it worth it?
Really looking forward to your response.
I dont have experience in out of state investing , but I do want to ask you a question- what are you doing to source your deals? Have you put in all the effort necessary?Have you tapped all resources? The current deal I got was through direct mail to an address I found on a sheriff sale website .
@Cody Jensen where out of state are you considering? Driving distance, or beyond?
@David Weintraub Thank you for your reply!
Considering driving distance from central New jersey, Sticking to the east side of PA toward New Jersey. Also, open to going driving distance north.
Though if possible I'd consider going further but with experience in the field I'd feel more comfortable in the future going more then driving distance.
Do you have experience with property out of state?
There are low barriers to entry areas in PA, which includes Delaware, Chester and Luzerne counties. They are all close enough to get to, but from Colonia you probably don't want to make the trip too often. Pushing out further to Pittsburgh, certainly opportunities.