Research Advice When Visiting OOS Market

2 Replies

I'm flying out in a couple weeks to research my OOS market, and would like any advice on recommendations when out there. My current plan is to visit the neighborhoods I've identified to get a feel for the area, speak to neighbors, learn about the resident perspective. I'm meeting with my realtor, as well as prospective property management team to interview. But any specific advice for this trip is appreciated!

@Austin McAnena I would speak to three of each of your team if possible. That way you have options of who to go with. Figure out who you like the most, who can bring you the most service, who fits the mold the best of what you are trying to fill. Don't forget to consider CPA's, lawyers and insurance agents in that area as well. Their local knowledge is just as important.

The #1 thing your missing is connecting with an inspector you can trust! Don't go with anyone recommended by a Realtor or PMC - they may not be unbiased. 

Besides understanding the neighborhoods, take time to understand:

1) Housing stock - you probably don't want to buy a Class A property in a Class C area, etc.

2) Tenant Class - what type of tenant will the neighborhoods attract and what are the typical challenges of dealing with them?