I am an out of state investor living in San Diego, and I would love to hear about places where people have successfully been able to invest out of state. Specifically, what are you buying properties for, what are you renting them for, and what types of areas are they in?
I'll go first. Two properties I have purchased recently in:
Las Vegas - 2 bdr, SFH for $95K, rents for $1,050. No repairs and maintenance needed at time of purchase. Middle class area, average school system.
Grand Rapids - 3 bdr, SFH for $60K, rents for $1,000. No repairs and maintenance needed at time of purchase. Middle class area, above average school system.
@Bruce Douglas You hire a property manager, who typically will earn between 8% and 12% of rent. They lease the property for you and take care of any repairs and maintenance or other tenant issues that come up.
@Ben D. those seem like great cash-flow, have you checked the history of capital appreciation. I used to focus on cash-flow while my brother focused on better areas with greater capital appreciation. I have now switched strategy.
@Ben D. ..I purchase/rehab in my market(Birmingham AL) for $30K or less...average rents $650-750..Schools ok, C neighborhoods. I self manage...I'm actually planning my first flip in a $70K neighborhood with better schools.....