Searching for out of state investment properties
Experienced NYC investor here (manage 7 units while working full-time, until recently), looking to expand out of NYC due to prices and the now perceived lack of value of being in a dense city due to COVID. I am curious what criteria others are using for selecting their out of state properties.
For me:
- Landlord friendly states
- Growth in the area based on census data
- >2 star neighborhood rating
- >4 rating on schools
Historically, my strategy has been buy and hold, let the property appreciate while the tenants pay the mortgage. I am generally looking through Roofstock and Loopnet (I prefer Roofstock due to the wealth of information I get upfront).
Questions:
- Am I looking at the right sites for opportunities?
- Should I take on property management myself? I know property management costs can eat into cash flow, and I would be open to managing it remotely as I have for my local properties, which I rarely visit. I simply have a framework in place that gets me to resolve issues without visiting the units (trusted agents, contractors, etc.)