First Time Real Estate Investor Tips

[Eli Berger]

Hey everyone,

I'm Eli — new to BiggerPockets and gearing up for my first deal. I'm based in New Jersey and recently launched a family venture with my brothers. Our strategy is to start small, focusing on 2–4 unit properties with a BRRRR/buy-and-hold approach, and then scale into larger multifamily as we gain experience.

While New Jersey is home, cash flow is tough here, so I’m looking seriously at Indianapolis as a first out-of-state market. I’ve got around $250K set aside for the first purchase and rehab, and I’d love advice from those of you who’ve already gone down this path.

A few questions I’m wrestling with:

Market Selection: For Indy specifically, which submarkets/neighborhoods are strong for small multifamily — and which should I avoid as a first-timer?

Team Building: How did you find and vet trustworthy property managers, contractors, and agents when investing out of state?

Financing Strategy: With ~$200K  (keeping some cash aside for rehabs and other costs), is it smarter to:

Buy one property in cash (lower risk, immediate cash flow), or

Put ~50% down on two properties (leverage debt to scale faster, but add complexity)?

Property Type: For a first out-of-state deal, do you recommend sticking to 2–4 units, or is it worth jumping into something larger (6–10 units) if the numbers work?

Lessons Learned: For those who’ve done their first out-of-state deal already — what’s the biggest mistake you made, and what would you do differently?

I’m excited to learn from this community and really appreciate any guidance or resources you can share. Thanks in advance!

— Eli