Investing outside my market
Good evening BP,
I am a new member to BP and have been listening too a ton of the previously recorded podcasts. At this point in time I own a triplex, I am looking at an fourplex in a different state, I once lived in this state(Iowa) so I am familiar with some of the areas. Also, I have a couple of people who are willing to invest with me.
Experienced investors, Is It a good idea to invest outside of my dried of market? Is it also a good idea to bring in other people who have money to help with the possible purchase, seeing as this is would only be my second transaction?
I will be in contact, hopefully tomorrow with a realtor to ask further questions.
All opinions and strategies are welcomed and appreciated!
Jerry,
Most Popular Reply
Hi Jerry, I can't speak to your question about bringing in investors since I haven't done that, but I do invest out-of-state. We have several turn-key rentals in growing markets with good cash-flow that we have found through another big real estate network, so I feel comfortable investing out-of-state with that network "at my back". If you're interested in getting more education on investing out-of-state, I have found the following free podcasts to be really helpful:
Get Rich Education with Keith Weinhold
The Real Wealth show with Kathy Fettke
Real Estate News with Kathy Fettke
The Real Estate Guys