Updated almost 3 years ago on . Most recent reply
Best out of state locations to invest in
Good evening, I'm currently an undergraduate student majoring in Finance. My professor recommended me to Bigger Pockets to connect with real estate professionals. Overall, this is an amazing site!
I had a quick question, I'm very interested in buying a multifamily rental out of state. I know that's a big step to take starting off, but I'm from New York, so its tough to actually afford a property out here. Would love any advice on out of state locations that are great to start off in. I'm willing to partner up. Thanks!
Most Popular Reply
Miguel,
It's a long slow process where ever you buy. Having said this, I was living in the Bronx when I started, not much older than you.
I bought my first condo in Poughkeepsie in 1987 for $61k. It was the height of the market but I was able to buy it for 10% down w an ARM that never went above the orifinal interest rate. Rates were a lot higher back then, about what they seem to be getting at today.
I've since bought in the Bronx, Harlem, Westchester and Dutchess Counties. But more recently, I decided t buy out of state. I started thinking about where and why? There are so many great places to invest.
My where was narrowed down to TN, NC & SC
Why, because it was geograpgically half way between NY & FL, so for me it's ideal. I now have 2 investment properties in TN and hoping to close on a 3rd within the next month.
So think about your where & why as you're researching areas and eventually you will decide on a place. I would try to narrow it down to one and only one location outside of NY. You don't want to find yourself spreadout.
It took me 35 years to get where I am. I've learned a lot over the years, so reach out if you have any specific questions.