Out-of-state rental properties
Hi Everyone,
I live in NJ and am looking to invest in rental properties out of state. I am new to investing and realize finding a cash flow in NJ is unlikely. Can anyone walk me through the process with your own experiences? How do you get your team together? Have you physically looked at the properties or did you buy them site-unseen? Any advice would be greatly appreciated!
Bob
Most Popular Reply
Wherever you choose to invest...Walk the land yourself. Lesson learned the HARD way. I have boots on the ground out of state where I invest (Live in Chicago, invest in rentals in East TN) and that still ended up being unreliable. I will NEVER purchase another property WITHOUT walking the land myself.
Managing from out of state is a different story. I have a lot of resources in East TN because I lived there for 10 years. I have great cleaning people and handymen and Realtors (now, not before, lol) whom I trust to look after certain things. Remember: You can always switch up your team. But getting out of a property you bought site unseen can be more difficult...
If you're looking to invest out of state, I recommend choosing a location you are familiar with for one reason or another. Maybe you have some good friends there, or you've lived there before, or visited several times. Something. As opposed to picking one randomly from a hat because it appears to give better cash flow.
Jennie Berger
Property People