New to BP Community

[Leon George]

Hello BP members!

I’m new here and just starting my real estate investing journey this year.

I live in NY but am looking to purchase multi-unit properties (4+ units) in a growing market outside of the state.

Here are a few concerns I’m working through:

1. As a newbie, is it a good idea to buy a property out of state? I plan to use a project manager but would love to hear your thoughts.
2. Finding a reliable and trustworthy property management company feels like a big hurdle. Any tips?
3. I’ve never analyzed a deal before, so while I’m excited, I’m also nervous about making mistakes. I know from BP podcasts that mistakes are part of the process, but I want to avoid anything that could jeopardize my family’s financial stability.

Despite these concerns, I’m ready to dive in! I’m here to connect, learn, and share what I pick up along the way as I (probably awkwardly) work toward financial freedom. Looking forward to learning from you all!

[Jonathan Greene]

Quote from @Leon George:

Hi Jonathan,

It’s so exciting to hear from you! Coincidentally, I’m currently listening to the BP Real Estate podcast, Episode 1,054: The Expert Investor: Early Retirement is a Mistake, Rent Instead of Buying. Thank you so much for taking the time to respond.

Here’s where I’m at in my journey:

1. I don’t plan to rush into purchasing my first property. My initial interest in out-of-state investing stems from the high cost of multifamily properties in New York and the state’s renter-friendly laws. Do you think purchasing a property in Philadelphia, PA, and managing it remotely from Westchester, NY (Roughly 2-2.5 hours away) with the help of a local handyman would be too much of a stretch?

2. I’m committed to keeping my options open and continuing to learn about being a landlord to ensure I’m well-prepared for my first purchase.

3. To improve my ability to analyze deals, I’ve developed a two-part plan:

   • Join a local BP meet-up group to discuss my goals and support others.
   • Continue learning and engaging with the BP forum.

Thank you again for your guidance—it’s truly appreciated!

Leon

Thank you for listening to 1054! Philly is a nice option, but you have to study the blocks for about a year to be sure you understand the area you are investing in. I have a lot of colleagues with multis in Philly and all are doing well because of low taxes and high reliability, but it has its challenges. I have owned so many properties in NY that were long-term rentals and it is renter-friendly, but if you choose correctly, you won't really ever care.

Meetups are a great way to add to podcasts and books. It's meeting people a little ahead of you that really make it seem doable. Good luck!