Investing in Real Estate Remotely

21 Replies

 I'm born and raised in New Jersey but currently, live in California for the past 2 1/2 years. I would like to start to invest in New Jersey but not sure how to start being that I am remote. 

What are people experience and best practice used to invest in real estate remotely? 

Build your team on the ground. Then manage that team remotely. You just have to make sure you have all the right people on the ground to help you do whatever type of project you're looking to do. 

Make Sense! Thanks for the insight @Antoine Martel   

What would be some key people you will need when starting out? 

Interest concept to go from an expensive market to another expensive market with high property taxes. Is the specific area in NJ you’re thinking of cheaper than Cali?

I invest long distance and it’s really not bad once you get it going. It will take some time though.

Originally posted by @Johnson Joseph :

Make Sense! Thanks for the insight @Antoine Martel  

What would be some key people you will need when starting out? 

 Contractors, Escrow Company, Agent, Property Management Company

@Caleb Heimsoth  - I was looking in areas that I am pretty familiar with in NJ Essex County - Irvington, Orange, Newark, Union County - Hillside, Union I wanted to start out with a fix and flip single Family. 

@Antoine Martel - This is great information. Thank You. 

@Caleb Heimsoth @Antoine Martel - Once you have your team and place do you ever visit the property before the project start, during the project, and or after completion of the project? 

it really depends on the project. I haven't done a flip remotely and I don't really plan to anytime soon. I may do a BRRR though.

I visit my rentals about once a year in person. 

Originally posted by @Johnson Joseph :

@Caleb Heimsoth  - I was looking in areas that I am pretty familiar with in NJ Essex County - Irvington, Orange, Newark, Union County - Hillside, Union I wanted to start out with a fix and flip single Family. 

@Antoine Martel - This is great information. Thank You. 

@Caleb Heimsoth @Antoine Martel - Once you have your team and place do you ever visit the property before the project start, during the project, and or after completion of the project? 

 On the first couple of projects you should go and visit. After that you're on autopilot.

That area of Jersey is BOOMING right now. If you're familiar w/ the Newark area all of MLK Blvd new condos/townhouses are being built all the way to the Riviera...Union county is the most expensive county for prop tax in the state. I'm a newbie too so i'm still researching and learning(working to close my first deal by August!!!) but wanted to let you know whats happening in your areas of interest!

I'm from the great state of NJ but moved to PA for cost of living decrease and plan to invest where i live now.

@Chanise P.   Union County is not the most expensive in property taxes.  Essex and Bergen county has Union county beat.  Its just that Newark (in Essex County) taxes are cheap.  Other Essex county cities like Irvington, any of the Oranges, etc are not.   

@Ray Reed I'll look back at what i've read but i grew up in and am currently helping my grandparents with their taxes in UC and they tax at the highest rate for props based on what i know...i could be wrong as i'm not an expert...

@Johnson Joseph Hi and welcome to BP. I'm retired from the US Navy and now live in Italy. I'm originally from FL and have purchased properties there from here. It is definitely possible and with the technology we have now it is not that difficult. Not saying it is easy just not as hard as you may think. Read or listen with audible the book Long Distance Real Estate Investing. @David Greene does an excellent job at basically walking you though on how to do this. It is very doable. Don't let/make the excuse for living in an expensive area or like me out of the US make a difference. If I can do it from overseas you can do it from there in the states, don't let excuses steer you away. Everything is possible (if you want it bad enough). Good luck

Originally posted by @Caleb Heimsoth :

Johnson Joseph can confirm what Antoine Martel said about being on autopilot. I’m working on deal 4 right now and it’s much easier than deal 1. All long distance

 Yep and I'm doing 10 deals all in different stages right now. 

@Chanise P. sorry we lost you to PA.  Rahway is a good town to invest.  Just finished a rehab there. 

@Caleb Heimsoth Got it - I've heard of the BRRR method very useful. After the first deal. Congrats on your 4 deals

@Antoine Martel AutoPilot!! Congrats on your 10 deals that's amazing!!!

  @Chanise P. Yes, I've heard and seen the new condos/townhouses being built in Newark. I have many people that were living in NJ moved to PA. 

@Miguel Dormany - Pleasure meeting you! Amazing thank you for sharing your experience, words of encouragement and recommendation I will definitley be purchasing that book. 

Originally posted by @Johnson Joseph :

@Caleb Heimsoth Got it - I've heard of the BRRR method very useful. After the first deal. Congrats on your 4 deals

@Antoine Martel AutoPilot!! Congrats on your 10 deals that's amazing!!!

  @Chanise P. Yes, I've heard and seen the new condos/townhouses being built in Newark. I have many people that were living in NJ moved to PA. 

@Miguel Dormany - Pleasure meeting you! Amazing thank you for sharing your experience, words of encouragement and recommendation I will definitley be purchasing that book. 

 Thank you. 

It really depends on your expectations of managing properties from a distance.  Turnkey companies are an option for that .  You really have to determine your goals before deciding if that kind of investing is for you.

Find a realtor, lender, and property manager that you trust in the area that meets your criteria.  I've invested in St. Louis remotely on four separate deals over the last two years, and it becomes relatively easy once you have great team members with boots on the ground.  

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