How to buy a buy and hold property in a different state ?

4 Replies

Sometimes I’ll look at properties from different states and find good deals and would like to purchase properties in a different state but I live nowhere near those states so I’m wondering how do I go in purchasing those properties even tho I can’t physically go there . How do I get it inspected and negotiate a better offer even tho I’m not there  ? And if I’m getting a private lender how do I go in doing that if I’m in a different state?

@Robert Leon You really need to vet the team you have helping you out in that area such as agent, management company, inspectors, contractors, etc. I would interview them and try to get some referrals for good trustworthy ones. Most of the time it's your team that plays a bigger factor in your success in the market more so than the deal itself. 

As far as a lender goes you should be able to get a private lender from anywhere as long as they are comfortable with the area and deal. It may help to find someone in that specific area since they would be familiar with the market and know if the deal is good or not. If they know the market and are willing to put their own money at risk, then that is probably a good sign that the deal is good. 

@jeremy taggart what if the property is being sold by the owner and not a realtor?

why can't you go there, plane tickets or travel is cheap. I'd never buy somewhere I haven't actually been... and this is coming from someone with a OOS property.

All of that is doable, but I'm with Matt. K....would you really buy something random that you really know nothing about? Inspectors and all that are easy to set up...it's as easy as finding someone on Yelp. But how do you know what you're buying?

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