I currently live in South Jersey but I've been contemplating buying an investment multi-family down in Florida. The property is fully occupied and is (and would continue to be) managed by a mgmt company for ~8.5% gross monthly. This would be a completely hands-off approach.
I'd like to know what is it that I'm not aware of and what should I prepare myself for when investing out of state such as different RE laws, tax implications, fears, insurance rates, etc.
If anyone has anything at all to contribute to this post I'd really appreciate it. I'd like to be as informed as possible before making any sort of decision, especially long-distance and hands-off.
not to difficult
YOu can either find some one who specializes in this like a Turn Key company or hook up with a good broker that sells rentals.. then its just like any other transaction.. get your offer accepted do your home inspection close and then give to great PM.. PM will be your key here
@Manuel Savorelli I highly recommend visiting the area you are thinking of investing in, and by all means meet with the people - be they RE agent, turnkey provider or? before closing on a property. Get to know them, and utilize their local expertise. Find someone you trust, but verify. Then build trust over time. All best in your REI.
Thanks guys - I appreciate the suggestions.
Going to the neighborhoods in person is a pretty good idea.
It is always nice to be able to see the exact types of neighborhoods your looking at on paper in person.