Out of state investors - what order did you do things in?
We're interested in a few markets to invest in that are in other states that are farther than reasonable driving distance (1000+ miles away). I've even found a few properties that look interesting (good numbers, in decent areas of their cities, decent-looking street views from google maps, etc.). We have little to no first hand knowledge of the states we're considering (never been to 2 of them). We want to visit areas we're considering to make sure we're good with the areas. But at the same time, if we determine we want to make offers on one or more properties, we'd want to be able to be there for the inspections ourselves, so that might mean more flights (read: money and time off work), so then I was thinking maybe we should consider making an offer or two before we take a trip so we can do the inspection while we're there. So, what order did you do these things:
- Visit the locale to get your feel for it
- Make offers on potential deals, go there to do inspections (if you went there to inspect it)
I plan to talk to local RE agents and PMs to get their take on particular areas of their cities to invest in or avoid, so I'm hoping that will put us somewhat at ease, and perhaps we'd submit an offer or two before making a trip. However, I'd also hate to submit an offer on something, get it accepted, and fly out there, only to find out the area isn't up to our standards.
So which comes first, in your opinion? I feel like I'm kind of in a chicken-or-the-egg scenario here. Hope this all made sense!