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43
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Adam Eckhoff
22
Votes |
43
Posts

Looking to purchase first property - Out of State

Adam Eckhoff
Posted

Good Morning - I'm currently looking to invest in a long term hold/rental property for some cash flow. I live in New Jersey and I'm currently looking to invest out of state... Let's just take Ohio for example

Status -  Purchased my first home in 2020 for $361,000; 20% down, conventional loan 30 year term 3.0% interest. House is currently worth $550,000+++.
Savings - $100,000 (rounded).

Example: Let's say i found a Duplex for $100,000 in Ohio. Let's say after all expenses, the cash flow will be positive.

Where do I begin? Am i calling management companies, insurance companies. Is Ohio the right state, is there a wrong state? Let's say I purchase 4, duplexes around $90,000.. How do I use those to snowball into more properties when i run out of cash... I apologize for all the questions, I just don't know where to begin. I guess I'm looking for an outline on steps... Should I continue to save my money for a few more years? any insight would be helpful.

Thanks,
Adam. 

Most Popular Reply

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849
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Simon Ashbaugh
  • Realtor
  • Columbus Ohio, Cleveland Ohio
830
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849
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Simon Ashbaugh
  • Realtor
  • Columbus Ohio, Cleveland Ohio
Replied

Pick a market and dive in! I think Cleveland sounds like a great fit for you. Its got great cashflow and a relatively low point of entry. Happy to send you a list of PM's in Cleveland!

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