Purchasing a buy and hold property in another state
Who has done this? What struggles and victories have you experienced?
#2 All Forums Contributor
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- Lake Oswego OR Summerlin, NV
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#2 All Forums Contributor
- Real Estate Broker
- Lake Oswego OR Summerlin, NV
I wrote an e book and insiders view of buying out of state and country properties. I give it away to BP members.. I originally wrote if for Aussie investors.. but there is some good do's and don'ts in there from some one like me that has owned more than 400 of these.
the industry as a whole has matured with the better TK operators really stepping up their game and the asset ...
the main take aways are to remember that certain areas of the country and certainly the big rust belt cities and mid west cities have areas and neighborhoods you would never see in Idaho so you need to be very cognizant that RISK = REWARD in these markets. higher returns generally equate to more risk.. etc.
I am conditioning my investor's to invest in SFR outside of their backyard, sometimes that is not easy. That would be great to get your information is it e format.
Originally posted by @Jay Hinrichs:
I wrote an e book and insiders view of buying out of state and country properties. I give it away to BP members.. I originally wrote if for Aussie investors.. but there is some good do's and don'ts in there from some one like me that has owned more than 400 of these.
the industry as a whole has matured with the better TK operators really stepping up their game and the asset ...
the main take aways are to remember that certain areas of the country and certainly the big rust belt cities and mid west cities have areas and neighborhoods you would never see in Idaho so you need to be very cognizant that RISK = REWARD in these markets. higher returns generally equate to more risk.. etc.
Thanks for the advice, Jay, I appreciate it. I would be very interested in reading your book- where can I find it?
Hey Corby i started purchasing out of state in 2013 because I couldnt find any good cash flow deals. It can be a good thing but it can go horribly wrong also if you dont do your proper due diligence. My advice is do as much research as you can on it. Im about to purchase my 3rd out of state now, closing in a few weeks. If you have any specific questions, feel free to PM me, i would be more then happy to help you out.
#2 All Forums Contributor
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- Lake Oswego OR Summerlin, NV
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#2 All Forums Contributor
- Real Estate Broker
- Lake Oswego OR Summerlin, NV
PM me and I will send it right over
I have been in an investor in out of state properties for cash flow for a few years now. I have mostly had good experiences with nice returns, but also I also pulled out of deal where the seller just did not live up to their promises, and I didn't feel was trustworthy. Proper due diligence is needed even more when investing out of state.
Originally posted by @Alexander A.:
Hey Corby i started purchasing out of state in 2013 because I couldnt find any good cash flow deals. It can be a good thing but it can go horribly wrong also if you dont do your proper due diligence. My advice is do as much research as you can on it. Im about to purchase my 3rd out of state now, closing in a few weeks. If you have any specific questions, feel free to PM me, i would be more then happy to help you out.
Thank you, Alexander! I am sure I will be in touch.
Originally posted by @Corby Goade:
Who has done this? What struggles and victories have you experienced?
Some have made it work, but I've seen more sad endings than happy ones. I wrote about out-of-state investing here and how I would approach it, although I generally don't recommend it: http://www.biggerpockets.com/renewsblog/2014/12/23/investing-out-of-state-essential-items-to-vet/
Originally posted by @Andrew Syrios:
Originally posted by @Corby Goade:Who has done this? What struggles and victories have you experienced?
Some have made it work, but I've seen more sad endings than happy ones. I wrote about out-of-state investing here and how I would approach it, although I generally don't recommend it: http://www.biggerpockets.com/renewsblog/2014/12/23/investing-out-of-state-essential-items-to-vet/
Thank you for the advice and the article. Reading it now...