Long distance investing/ Building a team

Long distance investing/ Building a team

Rental Property Investor · Queens New York · Member since 2020 · 12 posts · 6 votes

Hello, bigger pockets world! Hope everyone is doing well and all your families are healthy during these unprecedented times. 

Furthermore, I am a new investor looking to invest out of state in areas like Texas, North Carolina, and Florida; and possibly locally in New york! In addition, I was hoping to get some feedback from experienced long-distance investors on how to analyze and find deals and some tips /Due Diligence to be aware of when searching for properties and possibly some situations to look out for!

Also, what's the best way to approach building a long-distance team. I know lenders, mortgage brokers, and agents become skeptical when it comes to out-of-state investors, so I was hoping you guys could some tips on how to gain their trust and what's the best possible way to get the most out of them. 

I have started to look at properties and write down all the brokers and give them calls... But anything helps!

Any comments, feedback, and/or ideas are welcomed!

Thanks again guys and I hope everyone has a healthy and fantastic thanksgiving!

Please feel free to message me as well! would love to get to know people on the website


Thanks again, guys!

1Reply
108 views

Most Popular Reply

Real Estate Broker · Concord, NC · Member since 2019 · 74 posts · 42 votes
5y

Hi @Joe Gallo greetings from NC, I'm in the Charlotte market and surrounding areas, I'll be happy to connect with you and shared some insights and learn more about your goals. Just sent you a PM. thanks!

See this reply in the discussion

37 Replies

Jump to latestLatest
  • Rental Property Investor · Western NC · Member since 2019 · 41 posts · 41 votes
    5y

    Hey @Joe Gallo. I’m probably the only NC investor crazy enough to look to NY for a property but it’s my wife’s dream. If you come across anything in western NC and need a second opinion feel free to reach out.

  • Honolulu, HI · Member since 2020 · 196 posts · 190 votes
    5y

    @Joe Gallo My two cents: I've invested unsuccessfully and successfully out of state. My common denominator was the Property Manager. Good Property Manager, I'm making money and sleeping good at night. Bad property manager, barely cash flowing and thought about quitting. A common theme among OOS Investors is griping about shady, incompetent and/or useless PMs. Finding the right one involves real vetting. Unless you're super lucky, it's not wise to blindly go with the first name a realtor offers. Is it not odd that most people will interview several realtors, compare a dozen lenders, but go with the first PM referred? Just like the other team members there are good ones and bad ones - bad ones can end RE dreams. Good luck!

  • Investor · Member since 2020 · 401 posts · 86 votes
    5y
    Originally posted by @Andrew Rosenberg:

    @Joe Gallo My two cents: I've invested unsuccessfully and successfully out of state. My common denominator was the Property Manager. Good Property Manager, I'm making money and sleeping good at night. Bad property manager, barely cash flowing and thought about quitting. A common theme among OOS Investors is griping about shady, incompetent and/or useless PMs. Finding the right one involves real vetting. Unless you're super lucky, it's not wise to blindly go with the first name a realtor offers. Is it not odd that most people will interview several realtors, compare a dozen lenders, but go with the first PM referred? Just like the other team members there are good ones and bad ones - bad ones can end RE dreams. Good luck!

     A PM company with over 300 units that run its own portfolio can be good screening i think. 

  • Richard OguledoPro Member
    Member since 2020 · 2 posts · 0 votes
    5y

    @Cynthia McGathey i might your help on my property i have in Valrico

  • Real Estate Broker · Treasure Island, FL · Member since 2019 · 45 posts · 42 votes
    5y

    Hi Richard, Great - I sent you a connect request. I would be glad to help!

  • Rental Property Investor · Milford, NJ · Member since 2017 · 9 posts · 1 vote
    5y

    Hey @Richard Oguledo , what are you looking to do with your Valrico property? i’m interested in that area..

  • Richard OguledoPro Member
    Member since 2020 · 2 posts · 0 votes
    5y

    @Diego Arbelaez it got vandalized and I'm in need of another property manager. The one I have doesn't respond and I live out of town.

  • Rental Property Investor · Milford, NJ · Member since 2017 · 9 posts · 1 vote
    5y

    @Richard Oguledo oh man, sorry to hear. Hope you’re able to find someone trustworthy soon. GL!

  • Rental Property Investor · Los Angeles, CA · Member since 2020 · 3 posts · 0 votes
    5y

    @Sean Fillmore Hey Sean, what was your process in deciding to invest in Kansas? Was this the only market you were interested in? I'm currently doing a market analysis and it's a bit challenging to narrow down to the market I will invest in. Do you have any advice you could share?

  • Member since 2020 · 20 posts · 9 votes
    5y

    @Jaunell Silvera my brother-in-law lives in the area which made me start looking at the market.  When I did my analysis, I saw you could find properties that fell within the 1% rule.  I saw the opportunity to purchase a cash flowing rental in a decent working class neighborhood and jumped on the opportunity.  I got lucky and everything has worked out and the property is cash flowing very close to my pre-purchase projections.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.