Updated 14 days ago on . Most recent reply
First out of state deal
The story so far:
Back in 2022 I bought my first ever rental property in Washington state while I was active duty Navy. Was a 5 bed 2 bath single family house that I house hacked up until I sold it a few months ago and walked away with 1400$ on the sale 😂. I made my money in the rental process throughout the years and couldn't have asked for much better. I just moved back to New Jersey to start college after getting out of the military and am interested in my first ever out of state deal.
Plan/intentions:
After getting a taste of how lucrative real estate investing is, I am committed to doing it long term. I knew that investing locally was out of the question due to capital restrictions so my goal was to invest in markets out of state that are no more than a 2 hour flight or about 8 hour drive away from where I live. This left me with Cleveland, Rochester, and Syracuse. My parameters are basically a duplex or higher paying no more than 125K because that is pretty much the max I can afford on a 25% down commitment. I have no income as of now because I am becoming a full time student, however I will be getting some money from the VA to use for housing to go to school. My goal is to use some of this money to supplement investing. If I can I'd like to get 1 duplex a year for the next 4 years and ramp it up after that once I start gaining more income.
the guidance/ networking part
I'm absolutely open to networking with people who have experience in these markets and am open to all guidance regarding doing this. I have 0 experience with out of state investing and want to make sure I am doing it right and making my money when I buy. Feel free to let me know. Thanks in advance!
Most Popular Reply
Thanks for your service, Kyle, and congrats on taking action early — that experience is gold. I work with a lot of out-of-state investors in similar situations. A strong local team (agent, PM, contractor) makes a huge difference, along with running conservative numbers. Happy to share tools or insights that have helped others. Let me know!