NYC member interested in investing out of state
Hi All,
I'm new to this forum and would just like to get some member opinions on 2 out of state (for me) properties.
The first one is a 30 unit apartment complex in Illinois for $650,000. The NOI is $75,174 Cap Rate %11.80. Listing says 97% occupancy and they recently finished renovations.
The other property is in Marietta, GA. It's a Triplex for $250,000 with a NOI of $24,552. 100% occupied and the owner agrees to pay management, yard expenses, and maintenance for a year up to 5k.
Either way I obviously would need a management company, but does anyone have any recommendations on which would be less of a headache? From internet searches both seem to be in a "safe" part of their respective cities. Of course I will eventually talk to some people that actually live in the areas. I would also need to find a partner on either one of these deals. Unfortunately, properties here in the NYC area just don't offer the same type of return.