Out-of-state, Multifamily Investing -- How do I get started?

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Out-of-state, Multifamily Investing -- How do I get started?

Bryan S.
Baltimore, MD · Member since 2017 · 4 posts · 2 votes

Good evening BiggerPockets Community, 

My wife and I are new to REI, and I have been spending a lot of time trying to read everything I can, attend webinars, and practice running the numbers on properties that I've been able to find online. Ultimately, we're seeking to acquire long term buy/hold cash flowing multifamily properties (2-12 units... at least to begin) starting in the Milwaukee/Madison, WI area, but we'd be buying from an out-of-state position, since I'm currently stationed out in Maryland on active duty.

My question is, how do we get started with that first multifamily purchase from out-of-state?  Would you recommend finding a property manager first, and then use their expertise along with a realtor/broker to find viable properties, or should we just proceed with a realtor/broker? Who do we need to find/identify for our team (ex: attorney/CPA/etc) before we should proceed with that first offer? Any lessons learned from your first out-of-state multifamily purchase that you'd care to share? 

Any advice you have would be greatly appreciated.  Thank you all in advance for your help, we sincerely appreciate it! 

Respectfully,

Bryan S.

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  • Andrew Johnson
    Real Estate Investor · Encinitas, CA · Member since 2016 · 3k+ posts · 3k+ votes
    8y
    Bryan S. I’d start with either an agent or a PM. A PM (if not an agent) likes knows more than a few. The agents all know 2-5 PMs. If they don’t know PMs then I’d hazard to guess they aren’t selling many multifamily properties. If you have zero connections, look at who is selling or managing properties that you think are similar to what you’d want to buy. You can just look at rental listings (see how professional the photos are, etc.) to find a PM or just look at recent sales from an agent that’s selling a “like property”. Have 5-10 conversations and you’ll hit it off with someone. I don’t think you need a CPA or lawyer before you hustle up your first deal.
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  • Bryan S.
    OP
    Baltimore, MD · Member since 2017 · 4 posts · 2 votes
    8y

    Thanks, that's some good food for thought. I look forward to establishing those connections and finally getting started. 

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