BiggerPockets

I've always thought it was wisest to invest in your own back yard.

I went one step further. I moved to the state I wanted to invest in. I now have a complete team in place and it is an auto pilot thing now. It is so smooth now , I may to move to MS!!

The particular deals that I'm referring to making offers on wouldn't be for the purpose of buying and holding. I would actually be flipping the deals to investors & retail buyers.

As far as building my power team, that is something I always saw as necessary, if I was ever going to be able to expand my market place. But my question for you Will, who exactly would make up my team?

I'm not really sure who(as far as various professional types are concerned) to tap that would assist me with this particular investment objective.

Thanks again.

You also mentioned flipping the properties. This may be difficult in this lending market as your end buyer could have seasoning issues which is an entirely new topic discussed here on BP due to the new lending market guidelines or hinderances as they are.
Here is another thread on this topic:
http://biggerpockets.com/forums/49/topics/24285

That is also viable and good advice Jon.

Sidney,

I work and invest in the suburban Philly RE market. There are good cash flow opportunities all around us. Just this week I saw good opportunities in West Chester, Phoenixville and Pottstown. Also, I found a 55 unit student housing property in Bloomsburg, PA that is a home run. I agree with knowing your area, but that area boundary can be rather large. Like the 1.5 hour or more radius of Philly, or whatever town.city in the US.

My first investment was out of state, it was 3 hrs. drive. I bought it site unseen (pictures only), but here is what I did... I bought the property for the lot price, so I was covered in case the house was worth nothing. I had to find a team the hard way... testing them...because even the bad contractors/workers came with good references. I had to do the plumbing twice, the first plumber was a joke ! and forget about geting your money back. I visited the property every weekend and I ended up spending at least double of what I thought it needed. It was probably a mixture of not knowing people there and making newbies mistakes...but this was 4 years ago...I fliped the property for a good profit ! It was a great experience for me but I have not done another out of state since.

I agree on not doing rehabs from a distance. It is hard enuff to do in your own area.

Sidney, you need to take a close look at Memphis TN. The deals here are so cheap. I have many clients from all over the U.S. who purchase site unseen. Part of your journey will involve a great level of trust. Also going to visit the city will help also. You will need to build a solid team wherever you decide to invest. Here is an example of the type of deals in Memphis.

[b]

This is just an example. Deals can be even better and you can get higher end deals or lower end ones also. Just depends on your strategy.

Sidney,
You'll need to find a wholesaler that can provide a "total package" for the investor. This is what we do here in Philly.

Someone that can find good deals (with backup information), provide contractors that have quoted the work, perhaps have the wholesaler email you pictures of the rehab progress, & property managers.