Debating on Muli-family/sm apartment building first investment
Hey everyone,
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.
Regards,
Cody