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