Looking to invest OOS

8 Replies

Im pretty new to the real estate investment game, im a licensed contractor in nyc and actually closing on my first flip next month, i also have a duplex in bought in 2015 which was a great investment paid 450k and its appraised at 650 just a short while later and postive 1200 cahsflow per month. Now with nyc real estate the way it is you have buildings, 6 families for 3,000,000 and only 3% cap i need to look out of state. I have read look at markets where you have family or friends but my entire family and friends all live in NYC.

I also have read look into markets such as memphis and OH. i was wondering where you guys are investing for 4plex or above or if you guys have any guidance for someone in the 500k budget, and if there are any brokers that have any good listings oos feel free to contact me . thanks again everyone

@Manny Martinez I live in NYC as as well and invest OOS in NC. Haven’t had much luck findIng quality multis in NC. I have started looking elsewhere, I find the Phoenix market promising for small multis hoping to have my first investment in AZ within a year.
Originally posted by @Manny Martinez :

Im pretty new to the real estate investment game, im a licensed contractor in nyc and actually closing on my first flip next month, i also have a duplex in bought in 2015 which was a great investment paid 450k and its appraised at 650 just a short while later and postive 1200 cahsflow per month. Now with nyc real estate the way it is you have buildings, 6 families for 3,000,000 and only 3% cap i need to look out of state. I have read look at markets where you have family or friends but my entire family and friends all live in NYC.

I also have read look into markets such as memphis and OH. i was wondering where you guys are investing for 4plex or above or if you guys have any guidance for someone in the 500k budget, and if there are any brokers that have any good listings oos feel free to contact me . thanks again everyone

 Cleveland would be the way to go for an investment like that. Prices are low and rents are going up! 

Hey Manny,

It's really up to you goals and initiatives. I decided to focus on the west side because I am very familiar with it and live here so it is easy for me to check out properties close to my house. Rents are typically higher around here but on the flip side, the taxes and competition seem to be very high as well, specifically in the cities close to the lake (Lakewood, Rocky River, Bay Village, Westlake). Although, there are some pockets on the east side where I know a lot of investors focus on, it's just not a focus of mine yet so I'm not as knowledgeable there. 

I am a Cleveland native living in San Francisco. I invest back in multifamilies back in the Midwest. Happy to have a phone call and answer any questions you have about the market or OOS investing in general.

Originally posted by @Manny Martinez :

Im pretty new to the real estate investment game, im a licensed contractor in nyc and actually closing on my first flip next month, i also have a duplex in bought in 2015 which was a great investment paid 450k and its appraised at 650 just a short while later and postive 1200 cahsflow per month. Now with nyc real estate the way it is you have buildings, 6 families for 3,000,000 and only 3% cap i need to look out of state. I have read look at markets where you have family or friends but my entire family and friends all live in NYC.

I also have read look into markets such as memphis and OH. i was wondering where you guys are investing for 4plex or above or if you guys have any guidance for someone in the 500k budget, and if there are any brokers that have any good listings oos feel free to contact me . thanks again everyone

 If you're looking into the Cleveland market I'd check out The Ultimate Guide to Grading Cleveland Neighborhoods for an overview of the different neighborhoods we have here. You can pick up some decent 4-6 family properties in C-Class+ neighborhoods in the $180k-$240k range.