How to start REI out of state??
Hello,
I am a new investor looking to purchase my first rental property. I reside in California, but want to make a purchase in another state e.g. Texas, Utah, Colorado.
My concern is how to start?
Since this is my first property and I lack experience...
- Should I begin by looking for a realtor that works with investors for the chosen area?
- Or should I look at the so called "turn key" companies, that search for cashflowing, already rehabbed properties?
I don't really trust the "turn key" companies,as they may have their own motives.. or find you properties in non-appreciating / bad areas.
If I work with a realtor, I will most likely need to purchase a property with 70% ARV and that would mean that I need to look for a reliable contractor.
This might be too stressful for me as beginner, especially from a distance.
Not to mention the other issues of finding an appraiser, property mgt company etc. All of which make it hard to gather a good team from another state.
After I get a good team together, then I don't think I would fear the involvement so much.
Any experienced people out there that have advice about how I can get started with an out of state investment?