Hey y’all , this is my first ever post on here. So I’m moving from NJ to NC and I’m wondering how to go about buying another home in NC. Can I keep my house here in NJ rent it out and buy a duplex in NC ? If I rent my house out before I leave NJ , do you think a mortgage lender will lend me money for a new home ?
@Martien Vanhooft if you rent out your house in NJ will it cash flow? To get a second mortgage I'm sure some banks would do it depending on your debt to income ratio If I'm not mistaken. If you keep it you would also need to put a team in place to manage it while you are away. David greens book long distance real estae investing Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties https://www.amazon.com/dp/0997584750/ref=cm_sw_r_cp_apa_i_E2YzDb58FNHMZ is a good read I would read that book cover to cover then make your decision.
I would sell your NJ home. I guarantee you will be able to find two houses in NC for the price of one in NJ.