This Whole “Educational Phase” of my RE Investing gets better each day!It’s a ton of work – Passive Income you call it? - But I’m excited and laser focused like I’ve not been in a while! SO MUCH INFO ON BP! Plus I’ve met some amazing people is a very short time!
My first deal is in the works; picking up a Primary residence for a bit and House Hack as I go.Finding a place that's a "deal" and still nice enough for my Son and me is challenging but the rest is easier, I have a great business, good Credit, VA, FHA, etc. at my disposal.
Now I'm looking forward to my next move and I'm really liking the strategy of Buy/Hold, Rent for Cash Flow.I've attended a couple of REI meetups already and everyone keeps telling me our area (Sacramento) is just too hot to find deals.
I'm going to take the advice I heard @James Wise give in a podcast and hit my area hard first and give it at least 6 months to a year, But I'm thinking maybe investing out of state might be a good alternative for a while.
Are Out of State deals a viable option for a New Investor?
Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.
Since your in California, out of state may be on your mind soon enough.
Some out-of-state deals tend to exist in a very passive state. These are things like turnkeys, syndications, and private lending. Some of the meat comes off the bone, but you don't have to do much more than fund the deals and work with trusted partners. You'll be a source of finance at every step along the way (CapEx, Evictions, Taxes), but you can make slow-money if your management is in order.
The other option for out-of-state investing is having good partners on the ground working for you. Some people use family, friends, or even people they have met and vetted on BP. Remember, you have to compliment them in some way. When you're out of state, this is usually by providing the finance. Ideally, they're the kind of people who need financing, and have an active business of flipping, managing, or working as agents.
Hey Doyle! Oh yeah, there are plenty of cool out-of-state opportunities for new investors. I was a new investor when I started buying them from LA. The key is understanding markets, numbers, and building good teams. Get all those in line, and you can bank! And have fun in the meantime :)
@Account Closed . From all the research I've done on out of state investing, having a solid system and team in place before you invest is critical to success.
Best of luck with your investments!
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