Out of state Investing

7 Replies

Hello everyone! I'm a brand new investor and I'm trying to solve a road block I have. I currently live in Japan so I've been trying to figure out where to invest. I'm probably going to be moving to Colorado from here so I've been looking there but right now the prices are out of my range for investment properties. But I was looking into Florida before I was looking at Colorado. Should I just stick with Florida for now then when I move invest in Colorado? Any advice is really appreciated.

@Dylan Tettemer Great! I lived in Nagoya , Japan for 6 months :) However Florida is a great market hope you find what your looking for , If your ever interested in Detroit give me a shout ... Much Success to you. 

If Colorado doesn't make sense number wise, then I won't suggest buying there, even if you know you'll be there in the future. If you decide to go with Florida, I know this company called National Real Estate who sells turn-key in Florida.

http://nationalrealestate.com/

I saw their operation and was happy, but I haven't worked with them at this point.

Florida is a great market to invest in. There is plenty of inventory. I am an investor/wholesaler in Orlando FL and I find off market properties all the time. Many of them are at deeper discounts than others. 

@Dylan Tettemer I am jealous! I lived in Misawa for 3 years and loved it :)

Where you invest will depend on your own philosophy. Some people cannot bear to be away from their rental because they can't drive by it, see it, touch it, run their hands lovingly through the grass, etc. Some people are more investor than worker and are not attached to the specific property and have no issues with it being far away.

You are right that Colorado numbers are not great. I assume you'll be heading to Colorado Springs. Pueblo has decent numbers, but is a rougher area. Otherwise, out of state has many benefits. I have properties local and remote and love them all! Find out if you have to be near it, and then look at if you prefer appreciation plays or cash flow, then move forward.

Best of luck and happy investing!

@Dylan Tettemer - Highly dependent on the strategy, "great numbers" is a subjective term. Of course, flip/wholesale investors are hurting. But, with factors such as 9% appreciation statewide according to CoreLogic, high migration and job growth and, being somewhat behind the Denver market's price trend, Colorado Springs numbers look great for buy and hold investors!

Not to mention, investing outside one's backyard is not for the faint of heart and generally inadvisable, especially without boots on the ground.

With hundreds of doors under management and as one of if not the largest buyer of investment grade single family assets along the front range, we provide turnkey solutions that build long term wealth for satisfied clients. 

Feel free to connect. 

@Dylan Tettemer so if the prices are out of your range now they are likely to be more expensive when you do get here. The advantage of being here is that you can get a better feel for the areas and can spend some time networking and looking for the just right property. 

Ultimately you have to decide what is important to you and move forward based on that. Out of state is right for some and no more than 20 min away is right for some you just have to decide what works for you. The pros and cons of all approaches have been hashed out here numerous times and I'm guessing there are even some blog posts on the topic. Use the search feature to locate those posts and blogs and do some reading.

Investing in Colorado makes sense if you live here or if you plan on living here.  For those that live here - LOVE it.  For instance, before I lived in Colorado, I traveled around the world and always felt the need to see a new city abroad.  Several passports filled up and I had to get more papers in them, and still, I would return home and itch to leave.  

Living in Boulder, Colorado, I never feel the need to travel.  Occasionally I wonder, but the itch is not there anymore.  Colorado is a state of extremes - you either love it or hate it!

No place is perfect, but it's my corner of heaven.

(that's my take)

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