Out of state investing
Hello my name is Keith I currently live in new Jersey but I want to look out of state because n.j.. Seems not for be invested friendly state I'm just starting my investment journey hope someone can give me some insight on the current market in Greensboro. N.c.
Most Popular Reply
Keith,
Greensboro is a nice area but I would tell you to also look into Fayettville, NC there are some great purchase price options for several duplex and Multifamily rentals. Multifamily is the way to go but since you live in NJ you also have the option of buying a single family as a vacation home. Great thing about vacation homes is that they only require 10% down and can be used as a STR.
Multifamily ony require 15% down plus you get to use the current common rents as income at 75% of the monthly. That allows you to finance a little bit more of a loan when you can use the other rents per month. You are correct though NJ is not the most investor friendly state to start in becuase of the prices, and taxes are cruel.
NC taxes are half of that of NJ but do not forget about states like TN, AL, FL, OH and IN they also offer great price points with much lower taxes. Tennessee for example just outside Knoxville you can find annual taxes on a 3 bed/2 bath on 2 acres for $750.00 annually!