Newbie looking to invest out of state with not much income

[Alejandro Ochoa]

So after talking to a few investors in my hometown of San Diego and told them my situation of not having much income they recommended that I might wanna look out of state which I did. I ended up looking at properties in Huntsville Alabama and found a duplex that caught my eye for $149500 with one unit needing work in the kitchen and the bathroom and another unit needing a fridge and a stove as far as I can see. This is where I turn to you guys since I dunno what to do from here. This would be my first investment ever and I'm planning to do this out of state how would I get funding for a renovation and mortgage how do I partner with someone to help me fund the project how do I make contacts with people within this submarket so they can give me a clearer picture of the property and the market in Huntsville? If anyone is familiar with Huntsville or know someone who is I'd gladly like to talk to and ask questions about the area and what they recommend.

[Joseph Cacciapaglia]

I think the most important member of your team when buying out of state is your property manager. They are going to give you the clearest picture about what it's going to be like to operate the property. They should also be able to introduce you to the other members that you will need as part of your team. I know a lot of investors find an agent first, and once they have a property tied up, then they start talking to PMs. I think the earlier in the process you engage your PM, the better off you are. I talk to my PM almost daily when looking for deals for out of state clients. They are a wealth of information about what areas a renting well, and where there are a lot of delinquencies or other problems. A high volume manager will probably already be managing units in the same subdivision, and may be able to tell you problems with the construction or layout that are common with particular builders in the area.