I am a newbie and trying to go through the articles and do my research here. If I want to analyze properties within northern CA, is there a recommended list of cities / zip codes to look at as the first investment? I doubt if I will go anywhere beyond 200K to learn this process and get my feet in investing.
Also, I do see properties for less than 60K in NC and few other states - has anyone invested there living out of state? If yes, how do you figure out which is a good neighborhood, do you engage with an agent there?
Any pointers will be of great help
Welcome to the forums! Yes many people on BP have invested out of state. Just go to the search bar and search for "out of state" and "turnkey" and you should get lots of posts.
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Check out the Start Here page http://www.biggerpockets.com/starthere
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Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
Go to IREM.org search for ARM certified property managers. Call 5 ask them what parts of the city they like/dislike and why. Ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.
I have invested in US property from Australia and I always stress the facts that the most important part of when buying out of state or nation is not so much the stats and demographics but more the team established on the ground.
Spend time building trust and relationships with key people you are looking at doing business with. There is no shortcut. I keep hearing a lot of heartache from fellow Australian investors that have jumped in to quickly and got screwed over by shady turn key operators.
Thanks for reading and feel free to reach out any time with questions.
Have a great day.
Hi, NC is a great place to pick up properties. In my opinion, Charlotte has a good market for fix & flips. I live in Statesville (45-60 min north of Charlotte) and I believe we have a great market for buy and hold. There are several members of BP from various areas of NC that I'm sure would be happy to help you if you know what areas you want.
Best of Luck!
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