Out-of-State Investing - BRRR Strategy
Hello BP Forum,
I am a new out-of-state investor out of California who's looking for my first BRRR deal in the Austin-San Antonio metroplex area (Kyle, Buda, etc.). Ideally, I'd like to start off with purchasing a light fixer so that I can force a bit of equity but am also a bit hesitant on this strategy given that I won't be able to 'closely' monitor any rehab work being done to the property.
Would like to ask for any tips/advice given this would be my first out-of-state investment.
Thanks in advance!
Welcome to BP. Congratulations on starting your investing journey. Make sure that you are working with a knowledgeable investor friendly agent. They will be able to guide you along the way through the purchasing processes.
You will also need to work with a good contractor and management company in the area. Many times management companies will handle getting the units rental ready for you. Be careful that you chose your management company wisely. I have heard many horror stories over the years.
I think light fixer upper is a perfect place to start, especially in San Antonio-new Braunfels market. Let me know if you’d like me to discuss our market and price ranges for an investment property here.
good luck on your journey!
When embarking on your first out-of-state investment, thorough research is key. Begin by understanding the local real estate market, economic trends, and potential growth areas in the target state. Establish reliable connections with local real estate agents, property managers, and contractors who can provide valuable insights and assistance. Consider visiting the area in person to gain a firsthand understanding of the neighborhood and its dynamics. Additionally, be well-versed in local regulations, taxes, and any unique challenges associated with the new location.
@Julian Dixon I am also based in CA and have multiple properties out-of-state. While I was also tentative at first about purchasing a home and never seeing it, I have not had any problems with monitoring the property. This is largely due to my hiring a reliable property management company and contractor. I even found a local handyman that lives in the same neighborhood as one of my investments that routinely provides me photo updates of the progress. It is crazy what can be done now a days due to technology!
- 951-383-4747
- http://thecparealtor.co
- [email protected]
Quote from @Logan Laperriere:
Welcome to BP. Congratulations on starting your investing journey. Make sure that you are working with a knowledgeable investor friendly agent. They will be able to guide you along the way through the purchasing processes.
You will also need to work with a good contractor and management company in the area. Many times management companies will handle getting the units rental ready for you. Be careful that you chose your management company wisely. I have heard many horror stories over the years.
Hi Nathan, Thanks for sharing! This is definitely what I needed to hear. How did you go about identifying such a reliable team?
Quote from @Justin Brickman:
I think light fixer upper is a perfect place to start, especially in San Antonio-new Braunfels market. Let me know if you’d like me to discuss our market and price ranges for an investment property here.
good luck on your journey!
Hi Justin yes, I'd like to learn more. Will send you a DM. Thanks!
Quote from @Julian Dixon:
Quote from @Logan Laperriere:
Welcome to BP. Congratulations on starting your investing journey. Make sure that you are working with a knowledgeable investor friendly agent. They will be able to guide you along the way through the purchasing processes.
You will also need to work with a good contractor and management company in the area. Many times management companies will handle getting the units rental ready for you. Be careful that you chose your management company wisely. I have heard many horror stories over the years.
Hi Nathan, Thanks for sharing! This is definitely what I needed to hear. How did you go about identifying such a reliable team?
Reaching out to local investors here on Bigger Pockets, or on local investor Facebook groups is a great way to make contacts. They will be able to point you in the right direction for management companies and contractors.