Out of state investing

Jersey City, New Jersey
Multi-Family and Apartment Investing
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Out of state investing

Keith Johnson
Member since 2018 · 31 posts · 11 votes

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. 

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Jason WrayPro Member
Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
3y

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!

[email protected]727-637-4289
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  • Jason WrayPro Member
    Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
    3y

    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!

    [email protected]727-637-4289
    3Reply
  • Keith Johnson
    OP
    Member since 2018 · 31 posts · 11 votes
    3y

    Thanks for all the information as a beginner I can use all the Info I can get 

    0Reply
  • Adrienne Green
    Real Estate Consultant · Chattanooga, TN · Member since 2018 · 384 posts · 330 votes
    3y

    @Keith Johnson good call looking at OOS investing!  It's SO easy these days, there's no reason to be limited to where you live!

    I'm not a Greensboro expert.  You may get more wisdom from the forum if you share what you are looking for- type of investing, big goals, etc. You could say why you think Greensboro may meet that vision.  That will give people the opportunity to highlight some pros and cons in your analysis.

    1Reply
  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    3y

    Hi @Keith Johnson I will let you know my wife and I have yet to miss a single months rent since we acquired our first tenant in 2013. We have consistently raised rents each year on our properties and have hit grand slams with appreciation. You can invest anywhere but I will let you know there are lot of myths around New Jersey that my wife and I have put to rest. I host monthly REI events, plenty of guest and sometimes speakers invest out of state, we are all for it. If you would like to connect locally with people investing locally to hear how its working for them or if you would like to connect with those investing out of state locally Id suggest attending next event. Dm me for details

    973-975-3895
    House Hacking New Jersey561 Reviews
    WebsiteView Page
    1Reply
  • Najma Osman
    Real Estate Agent · Columbus, OH · Member since 2023 · 161 posts · 217 votes
    3y

    Hey @Keith Johnson, 

    If you are looking at oos investing, Columbus Ohio could be a great option. Columbus has seen great appreciation with many new jobs being created from large expansions by companies such as Intel, Honda, Amazon, Nationwide Children's hospital and Wexner Medical Center. It is also home to Ohio State which has 60,000+ students. Cleveland is another great option here as it is consistently known as a top market for cash flow with opportunities to get in at a low PP.

    2Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    3y
    Quote from @Najma Osman:

    Hey @Keith Johnson, 

    If you are looking at oos investing, Columbus Ohio could be a great option. Columbus has seen great appreciation with many new jobs being created from large expansions by companies such as Intel, Honda, Amazon, Nationwide Children's hospital and Wexner Medical Center. It is also home to Ohio State which has 60,000+ students. Cleveland is another great option here as it is consistently known as a top market for cash flow with opportunities to get in at a low PP.


     I would agree with all of this. Lots of folks come to Ohio when they are investing out of state. If you want a solid job market with the best population trends in the state, the Columbus area is where you want to be. 

    However,

    I've found that a ton of out of state investors coming to Ohio are looking for cheaper cash flow properties than what Columbus has to offer. For those folks, I'd say you'd wanna be looking at Cleveland, Toledo, Akron, Canton & Youngstown.

    2Reply
  • Dylan ThomasBusiness Member
    Real Estate Agent · AL · Member since 2021 · 90 posts · 44 votes
    3y

    @Keith Johnson I am based out of Mobile, Alabama and can confirm that it is a great area to invest. Lower price points than many other places in the country, and has a history of good appreciation in various areas. Feel free to reach out to talk further about the area

    [email protected]251-635-2739
    0Reply
  • Aj Parikh
    Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    3y

    Hi Keith! Welcome to Bigger Pockets! Are you set on the Greensboro market? There are a lot of cash flow heavy markets in the country so if you are still researching on a market, I would love to connect and see if Cleveland is a market you would be interested in. Feel free to reach out.

    0Reply
  • Keith Johnson
    OP
    Member since 2018 · 31 posts · 11 votes
    3y

    Thanks for all the information as a beginner I can use all the Info I can get 

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    3y
    Quote from @Keith Johnson:

    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. 


     Welcome aboard Keith.

    0Reply
  • Arielle Jeffers
    Investor · Raleigh · Member since 2026 · 14 posts · 5 votes
    9mo

    Hey Keith, I wanted to reach out because I work with investors in North Carolina and I get access to some solid deals. Are you currently looking for investment opportunities in this market?

    1Reply
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