Would it be possible to pull off an out-of-state flip as a first-timer in real estate deals? What would be the likeliness of success? Does anyone have a story relating to this? And to be more specific, I am at Riverside, California, likely to look into Oklahoma, Midwest City as my market
We do out of state rentals that we self manage. It was a first "fortay" into out of state rental. That being said if there is a will there is a way.
It is possible but Im sure it would be difficult. Do you have someone to manage the project? Do you know any good GC's where you want to invest? Its a risky game to play IMO..especially being a first timer. But like you said...if there is a will there is a way.
I wholesale in Dallas, Tx. Good market. If you want to buy some properties from me, let me know. I can be your eyes and refer a few good contractors your way.
It would be pretty tough to do an out of state flip from CA to OK for a first timer IMO. A buy and hold is pretty feasible, but not a flip. There are too many things to learn your first time and our market is too competitive to find a deal from out of state for a first timer to have much of a chance for success. I'm not saying impossible, just very hard.
I am currently doing one in Florida. Its important to have a good GC.
Thanks for the responses all!
@Zach Sikes Thanks for all your help in investigating the OK markets with me! I'm still looking into those lists of rental properties you send me.
It can be done but I would discourage it on your first flip - get your feet wet with at least a few in your own backyard first, then try to expand your reach. Either way, good luck!
it can be done but only with top notch partners... but you have to start somewhere.. remember the better guys will not need you ,, they do it themselves ,, so your going to have to start with tweeners.. or low end contractors who will need you to pay up front etc.
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