Just getting started with out of state investing
My name is Mike, i live in Long Island New York. I have a good amount of capitol saved up and i would like to start buying out of state properties. I have yet to buy a property and I'm new to real estate. I've been listening to bigger pockets and reading almost ever book mentioned through out the podcasts. I'm finally ready to get my property. I'm looking for advice on how to go about this process, being i haven't done this before.
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@Michael Speck I would do a ton of research on the areas you are considering investing in. I'd also suggest getting pre-approved with a lender so you know exactly what you qualify for (and the dos and don'ts).
If you have a good idea about where you want to look, reach out to some realtors and property managers and interview them. We own a four-unit in RI (where we live), and we are under contract on our first out-of-state property in Cleveland. It took a lot to trust people you've never met before, but this is going to be a good cash-flowing property, so I am excited! We have also been looking in Columbus, Jacksonville, Orlando, and Tampa/St. Pete.
Lastly, don't be afraid to pull the trigger. The best way to learn is to jump into it.