Out of state REIs - how much research did you do before purchasing your first unit?

Question

I'm about two months into researching out-of-state investing. I'm starting to talk with real estate agents and find myself analyzing deals every night.

I'm curious how much research you did before purchasing your first property, as well as if you did more research before buying it, or you wish you bought it sooner

Thanks!

Matthew Masoud · Answer

Took me about 4 months. Half of that was me just trying to pick the market. When I did, I pretty much ran the numbers on every multifamily on the market and ended up locking in a triplex in Cincinnati.

Nicholas L. · Answer

@Adam Gusky

the vast majority of realtors are not investors, and will not do the things you listed; they are not going to be your personal shopper for investment properties thousands of miles away, they aren't going to estimate rehabs for you, and they're not going to take responsibility for transactions going well or going poorly, or something being a good deal or not being a good deal.

i'm not saying this to criticize them - these things just aren't things that they do.

that's why i'm saying to start where you can invest in person, even if that's a couple hours away. that lets you do all the things.

don't be this guy:

https://www.biggerpockets.com/forums/903/topics/1133414-boug...

Nicholas L. · Answer

because you won't build wealth buying random properties thousands of miles away unless you already have hundreds of thousands of dollars at hand

it's much better to be hands-on

if your immediate area is too expensive look 1-2 hours away

Adam Gusky · Answer

Why?

Nicholas L. · Answer

@Adam Gusky

find a closer market you can drive to

Brett Deas · Answer

I 100% wish I bought it sooner. It took me 6 months of looking till I found a place that fit my buy box. I had it on my radar for a few months and I wish I has pulled the trigger earlier.

Sam McCormack · Answer

I am lucky enough to live in Northern KY, I know my first property will be a house hack, which is easy, Cincinnati has a lot of SMF that work great, as well as northern ky, which is where my first one will be. But after my first I have the option to stay in Cincinnati, an area known for cash flow/appreciation potential as a growing city, as well as NKY. Or OOS. Which I think the option is easy. And when I do run out of money to invest and I am reputable, I would become a general partner and reach out to investors for capital. I get a lot from cold calling now so I don't have a lot of competition either

Out of state REIs - how much research did you do before purchasing your first unit?

Out of state REIs - how much research did you do before purchasing your first unit?

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