Need your help, I was thinking of doing a long distance investing but don't have a any experience doing any real estate investing but read books about real estate and now exited because of Sir. David Greene book of long distance investing. I'm thinking of should i invest out of state because our market here is so expensive and im just a minimum wage worker and single but have a decent savings to start investing in real estate below price of 200k. So what you guys think, should i invest out of state or not?
Rental Property Investor · Brandon, SD · Member since 2015 · 1k+ posts · 1k+ votes
5y
You didn't mention where you are located. Deals can be found in any location, some harder than others. For your first property I strongly recommend to keep it local. You can certainly invest at a distance, but small mistakes can magnify if you aren't there. And, you will make mistakes, we all do.
Real Estate Agent · McAllen Texas · Member since 2018 · 188 posts · 186 votes
5y
@Account Closed, congrats on looking into this. That's an exciting thing to be thinking about. I love the idea of investing out of state in the event you live in a market that's too expensive for you right now. However, be cautious since your income may not be enough to support an extended vacancy. You need to be sure you have a great team in place to handle turnover, repairs, etc... I would also do some research into various areas you might be interested in looking at. Another idea is see if you can find something close enough to home that you can be there in a few hours if needed, but far enough away that the prices are better. Just a thought
Real Estate Consultant · Houston, TX · Member since 2020 · 206 posts · 944 votes
5y
Yeah, I think you can invest out of state if you have a company like ours to invest in. But you have to understand what you're doing in order to invest out of state. I would say reach out and contact me for more information for how to proceed.