I live in New York but I’m looking to start investing in real estate out of state. The NY market is just so expensive that it feels hard to get started here. Starting in August I'm gonna be doing business in The Southern Massachusetts area.
From listening to podcasts and doing some research, Hartford, CT seems like a hot market for investors. I’m interested in possibly buying a duplex or a single-family home as a rental. I currently have about $100k that I’m looking to invest and my goal would be to make my first purchase sometime by this fall.
That said, investing out of state feels a little daunting. For those of you who have done it, where do you begin? How did you build your team (realtor, property manager, contractor) in a market where you don’t live?
Also curious if Hartford is still considered a good market or if there are other nearby cities in the Northeast that investors are targeting.
Any advice from people who have gone through this process would be really appreciated.
Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
6mo
@Thomas Corrar, When you’re buying out of state, you want to check three things before you even look at listings: what similar places actually rent for (not what landlords “ask”), what taxes/insurance run on real deals, and how fast good property managers can place and keep solid tenants. If those three pencil out conservatively, the rest is just building the team and sticking to your numbers.
I live in New York but I’m looking to start investing in real estate out of state. The NY market is just so expensive that it feels hard to get started here. Starting in August I'm gonna be doing business in The Southern Massachusetts area.
From listening to podcasts and doing some research, Hartford, CT seems like a hot market for investors. I’m interested in possibly buying a duplex or a single-family home as a rental. I currently have about $100k that I’m looking to invest and my goal would be to make my first purchase sometime by this fall.
That said, investing out of state feels a little daunting. For those of you who have done it, where do you begin? How did you build your team (realtor, property manager, contractor) in a market where you don’t live?
Also curious if Hartford is still considered a good market or if there are other nearby cities in the Northeast that investors are targeting.
Any advice from people who have gone through this process would be really appreciated.
Hey Thomas, welcome to the out-of-state investing club—taking your $100k out of the expensive NY market so it can actually work for you is a massive wealth-building move! As an investor-focused agent analyzing these regional markets daily, the candid reality check is that while your podcast research is spot-on about Hartford being a top-ranked, high-demand market, you will be fighting severely low inventory and brutal property taxes that can absolutely decimate your cash flow if not underwritten correctly. Because you'll be doing business in Southern Massachusetts, I highly recommend expanding your search to nearby commuter hubs like Worcester, Providence, or New Haven, where you can actually drive by your properties while in town and capitalize on strong, localized renter demand. To succeed from afar, the biggest rookie mistake is hunting for the property before the team; you must reverse-engineer the process by interviewing and hiring a stellar local Property Manager first, and then using their network to find an investor-friendly agent and reliable contractors who actually understand Cap Rates and neighborhood classes.
Real Estate Agent · Worcester, MA · Member since 2018 · 518 posts · 410 votes
6mo
I agree with all above in this chat. There are opportunities everywhere, but you need to find local agents with specific expertise in what you are looking for to find them. I would find a couple of markets. Find agents that are actively doing investor real estate in those markets, and give them a call to chat about the state of the market and what CAP returns you can anticipate, and how they can help you to reach your goals. If you are interested in Worcester, MA give me a shout.
Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
6mo
@Thomas Corrar, When you’re buying out of state, you want to check three things before you even look at listings: what similar places actually rent for (not what landlords “ask”), what taxes/insurance run on real deals, and how fast good property managers can place and keep solid tenants. If those three pencil out conservatively, the rest is just building the team and sticking to your numbers.
I live in New York but I’m looking to start investing in real estate out of state. The NY market is just so expensive that it feels hard to get started here. Starting in August I'm gonna be doing business in The Southern Massachusetts area.
From listening to podcasts and doing some research, Hartford, CT seems like a hot market for investors. I’m interested in possibly buying a duplex or a single-family home as a rental. I currently have about $100k that I’m looking to invest and my goal would be to make my first purchase sometime by this fall.
That said, investing out of state feels a little daunting. For those of you who have done it, where do you begin? How did you build your team (realtor, property manager, contractor) in a market where you don’t live?
Also curious if Hartford is still considered a good market or if there are other nearby cities in the Northeast that investors are targeting.
Any advice from people who have gone through this process would be really appreciated.
You’re not alone, many investors in New York start looking out of state for the same reason. Hartford can work, but the key with remote investing is less about the exact city and more about building the right local team first, agent, a property manager, and a contractor you trust. That’s why a lot of people also look at Midwest markets where entry prices are lower, and the numbers tend to cash flow more easily. With about $100k to deploy, you’re actually in a strong position to pick up a solid rental and get your first deal done this year once you lock in the right team and market.
Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
6mo
Hey Thomas,
You're right that NYC is expensive, but here's something worth considering before you commit to going out of state: a lot of investors I work with actually prefer to stay close to home. There's real value in being able to drive by your property, know the neighborhood, and keep an eye on things yourself. That peace of mind is worth something, especially on your first deal.
That said, what's "hot" for most investors might not necessarily be what's hot for you. Are you optimizing for cash flow right now? Or are you playing a longer appreciation game?
Have you talked to a lender yet? That's actually the move I'd suggest first. Knowing exactly what you're approved for, what your rate looks like on an investment property, and how much of that $100k needs to go toward a down payment versus reserves will solidify your whole strategy. A lot of investors start with the market and work backwards. It's much cleaner to start with your real numbers and work forward.
Happy to talk through what might actually work for your situation if you ever want to connect. All the best!
I live in New York but I’m looking to start investing in real estate out of state. The NY market is just so expensive that it feels hard to get started here. Starting in August I'm gonna be doing business in The Southern Massachusetts area.
From listening to podcasts and doing some research, Hartford, CT seems like a hot market for investors. I’m interested in possibly buying a duplex or a single-family home as a rental. I currently have about $100k that I’m looking to invest and my goal would be to make my first purchase sometime by this fall.
That said, investing out of state feels a little daunting. For those of you who have done it, where do you begin? How did you build your team (realtor, property manager, contractor) in a market where you don’t live?
Also curious if Hartford is still considered a good market or if there are other nearby cities in the Northeast that investors are targeting.
Any advice from people who have gone through this process would be really appreciated.
Yes, out of state can be daunting. I generally recommend investing locally but based on what you've said so far, going to be very hard. I was in the same boat back in 2020/2021 when I first got started while living in San Francisco. I ultimately turned to OOS investing and was happy with my decision. First step is always the hardest so I get it.
I'd start off figuring out what markets you're interested in. Then start doing research on what's going on in the area and driving economic / population growth. If it looks promising, then start looking at making local connections. An investor focused realtor (who also owns properties) will be ideal. They'll likely already have connections to PM's, Contractors & lenders to help you get everything squared away. They'll also be able to give you a better idea of what neighborhoods will align with your investing goals and should hopefully be able to source you some deals worth looking at.
Happy to connect and share some of my out of state experiences.
I’m based in New Hampshire, and I can recommend that the jump from the NY/MA prices to the further Northeast might be a smart move. While Hartford is a good move into a smaller city, definitely don't sleep on Southern NH if that makes sense for you (specifically the Salem or Manchester, NH area).
Manchester was actually recently ranked as one of the hottest markets in the country for 2026. NH is very investor-friendly regarding landlord-tenant laws compared to CT or NY or MA.
I'm a local Realtor/investor here and would love to connect to help you find your right team. I'm happy to help you run some numbers, talk strategy, or connect you with my go-to lenders and trades folks in the area.
Investor · San Jose, CA · Member since 2026 · 14 posts · 11 votes
6mo
Similar boat here, just from the Bay Area instead of NY. The prices locally are insane so out of state is really the only option unless I want to house hack and I'm not in a position to do that right now. One thing I keep running into is that everyone has a different answer on what market to pick and it almost makes it harder because then you just keep second guessing. I've been zeroing in on Phoenix because I have some familiarity with the area but honestly half the time I wonder if I just picked it because it was comfortable, not because the numbers are the best. Mike's point about the first step being the hardest is accurate from what I can tell.
Real Estate Agent · Beverly, MA · Member since 2019 · 358 posts · 308 votes
6mo
I grew up about 20 minutes away from Hartford, and I definitely find it ironic that everyone is pushing Hartford and Springfield, MA. Both areas have definitely gotten a lot better, and probably (hopefully) will continue to, but they still have some pretty rough parts. I'm not surprised that both get a lot of investor attention because prices are still relatively fair, but I wouldn't recommend solely focusing on a cheap OOS market, especially if this is your first investment. Can you house hack in your area? Trust me, I felt pretty similar. I live just outside of Boston, which is brutal for pricing, but the 100k I spent towards house hacking acquired assets that have appreciated substantially faster than the C-class properties would have. That being said, I also manage properties out of state, and it's DEFINITELY doable, it just all depends on your risk tolerance. If you do want to explore Hartford, I would be happy to recommend an Agent. Feel free to reach out.
Inland Empire, CA · Member since 2017 · 151 posts · 79 votes
6mo
Hey@Thomas Corrar good to meet you. I’m originally from NY but live in CA now. My partners and I invest in larger multifamily out of state. I actually know an operator out in CT who’s looking at deals locally as well. I hear you though. The first deal can definitely feel daunting, especially when you’re investing out of state. I didn’t do it on my own though. Happy to connect if it would be helpful.
Meriden, CT · Member since 2018 · 700 posts · 501 votes
6mo
Hey @Thomas Corrar. Welcome to BiggerPockets. The other posters had some good recommendations. Hartford is still mostly a D class area but surrounding towns are really good (but likely will not cash flow as well). It also has rediculously high taxes because the major employer in Hartford is the state itself and the state was carved out from paying any property tax for Hartford.
Specifically, I am a local investor, flipper, and own a property management company in the central CT region. I'd be happy to have a conversation with you. If interested, DM me.
I live in New York but I’m looking to start investing in real estate out of state. The NY market is just so expensive that it feels hard to get started here. Starting in August I'm gonna be doing business in The Southern Massachusetts area.
From listening to podcasts and doing some research, Hartford, CT seems like a hot market for investors. I’m interested in possibly buying a duplex or a single-family home as a rental. I currently have about $100k that I’m looking to invest and my goal would be to make my first purchase sometime by this fall.
That said, investing out of state feels a little daunting. For those of you who have done it, where do you begin? How did you build your team (realtor, property manager, contractor) in a market where you don’t live?
Also curious if Hartford is still considered a good market or if there are other nearby cities in the Northeast that investors are targeting.
Any advice from people who have gone through this process would be really appreciated.
OOS investing is easy if you have the right team @Thomas Corrar. First, I would work to identify a good market. I recommend looking in the Midwest since the states are landlord friendly, ton of tech investments, and your money goes so much further.
Connect with a good investor agent that can send you both offmarket/onmarket deals and connect you with their team of lenders, contractors, property managers. Buy deals at 75% ARV rules in B- or C+ areas.
Have your agent help you scope work and use inspection report to create final quote. Make sure you have enough data points from your ARV and use comps as examples to choose layout/materials.
Your $100k should go fair since hard-money is fast and easy. Re-finance the deals and you are all good. Goodluck!
If your goal is long term financial independence, the chance that you already live in the right city is low.
“Live where you like, invest where you can reach your financial goal.”
Here is the basic process:
Define the rental income characteristics needed to reach your financial goal.
Identify a city that can support your income goal.
Work with an experienced local investment team.
Identify a tenant segment with the behaviors you need.
Buy properties that segment already rents.
If you want more details, feel free to reach out.
Income Requirements
Two conditions must be met.
Rents must grow faster than inflation. If rental income does not outpace inflation, your costs will rise faster than your income.
Rents must last for the rest of your life. Most companies only last 10 to 18 years, so tenants will need to change jobs over time. Cities must continue attracting new companies so wages remain stable.
City Requirements
Rents rise only when demand increases. Demand increases when people move to a city for jobs.
The city must attract new companies and support business growth so jobs keep increasing. Companies often choose cities with lower operating costs, pro business regulations, lower taxes, and lower crime. They also prefer large metro areas with populations over one million because they provide the labor and infrastructure companies need.
Experienced Local Investment Team
Most information from books, podcasts, and websites is general. But you will buy a specific property in a specific city.
An experienced local investment team understands local conditions, property managers, and reliable contractors. They provide the knowledge, resources, and processes needed to make good decisions.
Tenant Segment Selection
No property ever paid rent; the tenant pays the rent. Your success depends on your property attracting tenants who stay many years, pay on time, and take care of the property. You can identify these tenants by interviewing multiple property managers. Ask a question like this:
“If your goal was to buy properties where tenants stay many years, pay rent on time, and take care of the property, what and where would you buy?”
Property Selection
Once you identify a tenant segment with many reliable renters, determine what and where they currently rent, then buy similar properties.
Bottom Line
This process requires no luck, secrets, or shortcuts. I reverse-engineered it from how successful national retail store chains choose cities, store locations, and inventory to attract their target demographics. It has produced strong tenant and portfolio performance throughout market cycles.
Real Estate Broker · Memphis, TN · Member since 2015 · 1k+ posts · 890 votes
6mo
Hey @Thomas Corrar! You’re in a strong position with $100K to deploy, and you’re asking the right questions before jumping in.
Hartford can work, but like a lot of Northeast markets, you’ll often see tighter cash flow due to higher purchase prices, taxes, and older housing stock. That doesn’t make it bad, just more management-intensive and deal-specific. Many investors in your position end up expanding their search into the Midwest or Southeast where the numbers tend to be more forgiving and scalable.
For out-of-state investing, it really comes down to building the right team. I’d start by talking to property managers first, not agents. They’ll give you honest insight on rents, tenant demand, and which areas to avoid. From there, connect with an investor-friendly agent who understands cash flow, not just retail deals. Contractors usually come through your agent or PM once you’re under contract.
With your budget, you’ve got flexibility. You could go duplex for stronger income or a clean single-family for simplicity. Just make sure whatever you buy cash flows conservatively after all expenses, including management.
I work with a lot of out-of-state investors, and one reason markets like Memphis come up often is because your $100K can go much further. Allowing for better cash flow and multiple deals over time instead of just one tighter deal in the Northeast.
You’re on a good timeline aiming for fall. Focus the next couple months on dialing in your buy box, building your team, and analyzing deals consistently. That’s usually what gets people from “research” to actually closing.
Happy to connect if ever the Memphis market peaks your interest!
I live in New York but I’m looking to start investing in real estate out of state. The NY market is just so expensive that it feels hard to get started here. Starting in August I'm gonna be doing business in The Southern Massachusetts area.
From listening to podcasts and doing some research, Hartford, CT seems like a hot market for investors. I’m interested in possibly buying a duplex or a single-family home as a rental. I currently have about $100k that I’m looking to invest and my goal would be to make my first purchase sometime by this fall.
That said, investing out of state feels a little daunting. For those of you who have done it, where do you begin? How did you build your team (realtor, property manager, contractor) in a market where you don’t live?
Also curious if Hartford is still considered a good market or if there are other nearby cities in the Northeast that investors are targeting.
Any advice from people who have gone through this process would be really appreciated.
Hi Thomas! Jumping into out-of-state investing can feel overwhelming at first, but the key is starting with research and building a trusted local team before you pull the trigger. Many investors start by connecting with a local agent who knows the neighborhoods and can send you solid deals, a property manager who can handle day-to-day issues and tenant screening, and a contractor you can call on for inspections or repairs; sometimes asking for referrals from other investors in online forums or local investor groups helps a lot. With $100K to invest, looking for single-family homes or small duplexes is a smart way to get started without overleveraging, and having clear systems for communication and reporting makes managing the property from afar much easier. Hartford has historically been popular for affordability and cash flow potential, but it’s worth comparing to nearby cities to see where rents, property prices, and job growth align with your goals, and spending extra time reviewing inspections and property history helps avoid hidden costs. Happy to connect and answer any questions you have!
I live in New York but I’m looking to start investing in real estate out of state. The NY market is just so expensive that it feels hard to get started here. Starting in August I'm gonna be doing business in The Southern Massachusetts area.
From listening to podcasts and doing some research, Hartford, CT seems like a hot market for investors. I’m interested in possibly buying a duplex or a single-family home as a rental. I currently have about $100k that I’m looking to invest and my goal would be to make my first purchase sometime by this fall.
That said, investing out of state feels a little daunting. For those of you who have done it, where do you begin? How did you build your team (realtor, property manager, contractor) in a market where you don’t live?
Also curious if Hartford is still considered a good market or if there are other nearby cities in the Northeast that investors are targeting.
Any advice from people who have gone through this process would be really appreciated.
One thing I'd caution against is picking a market because it's "hot." A lot of investors start with the city, but I've found it's often more productive to start with your buy box, target returns, property type, rehab budget, and management strategy, then find markets that fit those criteria. With $100k and a fall timeline, what kind of deal are you actually hoping to buy: a value-add BRRRR, a turnkey rental, or something in between?
Realtor · Norwalk, CT · Member since 2016 · 203 posts · 69 votes
2mo
Hi @Thomas Corrar, CT agent/investor here — our team, The Miale Team @ KW,works with a number of out-of-state investors in the Hartford area, so happy to weigh in. Hartford's still a solid market: inventory remains well below pre-pandemic levels (one of the largest deficits among major U.S. metros), which keeps both purchase competition and rents tight — the tradeoff is you're buying for equity/rent growth over a few years rather than strong day-one cash flow. With $100k, a 2-4 unit via investment financing (20-25% down) tends to pencil better than a single SFH in most Hartford County towns, worth running both with a lender. For building a remote team, start with the agent first — a good investor-focused Hartford agent should already have vetted PMs and contractors to introduce you to, which saves you from vetting three unknowns at once; when interviewing a PM, specifically ask about their eviction experience, since CT's process runs 6-10+ weeks even uncontested, longer than a lot of out-of-state investors expect. Since you'll be in Southern MA starting August, that's close enough for periodic site visits, which makes CT more manageable than a fully remote market. Feel free to reach out if useful.
