Hello all. I am an experienced observing investor watching others in the background and finally want to make some noise actually investing, to be full time in the next year to replace my income. I am from Long Island and looking to invest in Atlanta due to the prices being more reasonable. Cash is king.
Any advice on investing our of state? I am considering buying and flipping but will need to build a team in Atlanta to monitor progress, contractors, attorneya , etc. I want to flip first to build cash reserves, then buy and hold?
Any advice on towns with great flipping opportunity?
Thanks in advance.
Welcome to BP @De Vonte Williamson
Do you plan on moving to Atlanta or are you staying in Long Island?
what kind of sources do you have to get your deals, have heard good things about Atlanta.
I know New York is pricey compared to GA. But, there are plenty of people investing in the New York-New Jersey-Philly area.
I suggest you look for deals within 2 to 3 hours drive from your current location.
You'll have the advantage of knowing the area better and quickly responding to problems with contractors, materials, city code enforcement, and everything else you run into when doing a flip.
I have partnered with many investors from out of state over the years. The biggest concern that i have noticed out of state investors have is their abiltity to handle an issue if/when they arise while being so far away. The easiet solution is to simply partner with another investor that is local inwhich your ideals align. when hiring the repossiblities out no one has your best interest at heart.
I would first recommend that you continue to do what you are doing. Do as much networking online, get as many recommendations as possible, then if time permites come down for a visit and get a feel for the areas.
There is oppurtunity just about everywhere here in Atlanta, it really just depends on price point. Theres new construction oppurtunity in Neighborhoods like Brookhaven, Buckhead, sandy springs, north druid hills. Additions and high end rehabs in Kirkwood, Edgewood, East Atlanta, Marietta, and North-esat Atlanta. in and out flips in Stone Mountain, Decatur, Kennasaw, ect...the list goes on.
There are definitly some questions you want to ask yourself before investing across state lines, but it is not impossible. PM me if you have any questions on how my current projects are going with my clients.
i would be living in Long Island. I have also heard about Philli which would be great due to the distance. Any thoughts? Thanks for the input guys
You have taken a great and wise step in beginning to network here. You will get lots of responses from very smart and experienced people. Read every thing, evaluate what fits best with your circumstances and take action. Start small but do take action.
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