Out of State Investing for Beginner
Hey BP,
I've been looking at properties to buy and hold in California(where I reside) and as you know it's quite expensive in some areas. I've been considering looking out of state to start my real estate investing.
Other than the distance of the property, which I would either get a management company to over see it or go myself. What are the cons of this? What are the pros? If anyone has any advice on this it would be helpful. Looking to start this within the next 3 months.
Most Popular Reply
As an investor who owns out of state (about 5 hours away) the biggest savior to my portfolio has been a solid property manager.
For me I just don't think it is realistic to effectively manage a property when I am not within a reasonable distance and my property manager is well worth their fee.
As a side note, many people will tell you that your team, aka your boots on the ground, will make or break your investments. This is everything from realtors to contractors to property managers but once you buy the property, if you have a great property manager, the bulk of your problems are taken care of.