I am in the process of relocating from California to Tyler, Texas. Looking to get tips from anyone that is familiar with investing in 2-5 unit multi family out of state especially in East, Texas? What would be your top things to look for as areas,research, have in place, look out for, etc.
Also I have been having a hard time locating multi-family units for sale in the Tyler area, what other ways would I best find deals that asides from the MLS?
@Mariela De Leon it may be a good idea to rent for 1 year and really get to know the areas well before buying something. It will also give you time to start networking with local investors and other real estate agents.
@Alex Deacon it's been over 20 years since I've rented and I hadn't thought of that. Thank you it's an option I hadn't thought of.
Tyler Texas just doesn't have a ton of affordable multi family properties on the market right now, and there really haven't been for the past several years. Of course you can always start marketing to off market owners. But my suggestion would be the same as Alex said. Rent for 6 months to a year and figure out what niche you want to focus on.
My wife and I couldn't find an affordable duplex or triplex to house hack so we bought a much larger home than we needed near UT Tyler and TJC and we rent out our extra bedrooms to college students. It pays for our mortgage and utilities each month so thats one place you could start.