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Everything You Need To Know About Investing Out-Of-State (In Under 5 Minutes)

by Michael Blank on May 27, 2014 · 8 comments

  
How To Invest Out-Of-State

Below is short video where I cover how to go about getting your first deal in an area you’ve never been in before.

I’ve done this a few times now (Texas, Baltimore and Washington DC), and I’m currently applying the process to an area I’m just getting into: Richmond, VA.

But the process is the same, and you can use it to learn the area, build a team, and get your first multi-family building deal.

5 Steps To Investing Out-Of-State:

Related: Wholesalers: How to Close A Real Estate Deal with an Out of State Seller

Here are the steps:

Step # 1:

Compile a list of potential team members (brokers, property managers, attorneys etc) then contact them by phone and email.

Step # 2:

Build rapport and trust with the broker before meeting him by analyzing any deals he sends to you and giving him feedback.

Step # 3:

Plan your first trip to the new area to maximize your time.

Step # 4:

Meet with each of your potential team members in person.

Step # 5:

Make sure you continue to stay in touch with each of your team members as you look for that first deal.

Let’s jump right into the video!

While it’s always better to invest in your own back yard, sometimes you need to go out of area to look for deals that meet your criteria. Even if you ARE investing locally, the process of building your team and looking for your first deal is the same: compile a list of potential team members, cold-call them, set up an in-person meeting, look at a few deals, then stay in touch afterwards.

This is my first video blog — how do you like video vs. a text-only article?

Be sure to leave your comments below!

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{ 8 comments… read them below or add one }

Sharon Tzib May 27, 2014 at 8:15 am

Very helpful video, MIchael. Thanks for the tips. When I did this the first time (with single family, not MF) I used the same process – started with a realtor and then had them make introductions from there. Building a team is really not as hard as most people think it is.

Reply

Michael Blank May 27, 2014 at 12:46 pm

Agreed, but with everything in this business (or life in general), you JUST NEED TO DO IT !!!

Reply

Jaren Barnes May 27, 2014 at 8:47 am

Incredible post Michael! I really enjoyed it! I think vlogging suits you!

Reply

Michael Blank May 27, 2014 at 12:46 pm

OK, thanks for the feedback Jaren …!

Reply

James Pratt May 27, 2014 at 9:46 am

Excellent! You’re a natural in front of a camera. For me, visual is better than text as I can grasp an idea/meaning a lot easier. Keep it up.

Reply

Michael Blank May 27, 2014 at 12:46 pm

James, thanks for replying … I think I’ll start working on another one …

Reply

Suzette West May 29, 2014 at 3:00 pm

Hello,

In step 4, you mention meeting in person. Does this mean that you arrange to fly out of state to meet the people on your team?

Thanks for the article.

Suzette W.

Reply

Michael Blank May 29, 2014 at 4:44 pm

Yep. But before you fly out, do all the prep work up front.

Reply

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