Investor · NJ · Member since 2018 · 869 posts · 921 votes
8y
I think that its okay but you should definitely learn about the city you plan on investing in. Also i'd look for a agent whom really knows the area well. I plan on buying a MF building out of state for my first buy because it is more affordable. Im going to do a drive through a city I want to invest in this weekend to get a general vibe of the area. Speak to locals see if they notice any changes in the area as a whole for better or worse. If it is a city I wouldn't feel comfortable living in myself I'd probably think twice about it. Last I would make sure that the good deal is a good deal in that city. Just because it's a good deal in your city doesn't necessarily mean it is in another.
Real Estate Agent · Pittsburgh, PA · Member since 2014 · 821 posts · 255 votes
8y
@Elizabeth Roncevic As long as you have connections that you can trust in the areas that interest you, then long distance investing works out. But you must do your due diligence by interviewing people, getting referrals and introducing yourself to the types of properties in each market area. And I always suggest making at least one visit to the area to check out those properties, in person, and the people who you might be utilizing to help grow your REI portfolio.
@Juan Chavez I saw your message to Elise but I am also sending you an email with some A/B areas in Pittsburgh to consider. Be aware though that Pittsburgh can be a bit tricky when it comes to finding that perfect property that fits your budget and vision. Neighborhoods that are A/B also may hold C and even in some cases D properties and conditions can change street to street. Still though Pittsburgh offers so much as the buy-in is often better than more saturated markets. Pittsburgh with it's tech influx, spearheaded by a very proactive Mayor is attracting big business and a recovering economy. So with that comes the need for more housing. I have seen Pittsburgh change throughout the years and am seeing a very bright present and future for REI.
Real Estate Agent · Cranberry Twp · Member since 2017 · 384 posts · 198 votes
8y
@Juan Chavez A/Bs would be areas like Shadyside, squirrel hill, lawnreceville, bloomfield, mexican war streets, and even some areas in the suburbs like Cranberry Twp, Wexford, upper saint clair, etc. If you are looking into properties I would be happy to get you estimated arvs and rental rates.
Investor · Charlotte, NC · Member since 2017 · 791 posts · 479 votes
8y
@Elizabeth Roncevic absolutely okay to invest in a different market then where you living. I am from NJ as well next town over from you actually (randolph) and invest in other markets. Like many have mentioned building out your team and having boots on the ground in that area is very helpful. Any questions feel free to ask! There is also an excellent meet up that I think you can really benefit from that focuses on multifamily in Westfield, NJ. It is held monthly.