Wholesaler · Miami, FL · Member since 2010 · 346 posts · 3 votes
Found a property in Eatonville Fl, from a person on here listed for 16k. Needs about 4k worth of rehab from what they say (obviously will check out myself) They also said rents are for 600, and the taxes are 304 for the year. Numbers look good on this one as well as many other Flordia properties, my question is to get more serious about an out of state investment property what research should be done.
I know I should call a PM company and track down a good one who can tell me about the area and one to use as well, I also need a good contractor or maybe can even take a week down there and get on them and make sure its complete while i am down there. As far as neighborhood goes, I can call up the county department as well as drive down at night, but what other factors should I consider about an investment property out of state. ? Who here has good experience regarding them? thanks
Renter · seattle, WA · Member since 2011 · 59 posts · 2 votes
15y
Sorry I cant offer any advice but Im in a similar situation.
I know I will fly to the area but other than that Im interested in hearing other's opinions and advice.
I will be watching this thread closely.
Real Estate Investor · Toronto, Ontario · Member since 2010 · 413 posts · 114 votes
15y
i would do all your primary research from your current location. Start networking for your power team before you go down. So when you hit the ground, you hit it running.
You can contact real estate agents to get a feel of the area and get sale comps.
Property Managers will give their opinions on vacancy and type of tenants/problems in the area
Line up a bunch of different contractors that you may require and let them know you will be needing quotes in the up and coming weeks and may want to work with them.
A lot of this, does not need to be done in person.
google maps/bing maps 3d of areas. Gives you a good idea of neighborhoods.
Network with local investors who are still buying in the area, for advice.
Wholesaler · Miami, FL · Member since 2010 · 346 posts · 3 votes
15y
ok perfect, how do you guys actually go about doing this? do you use a wholesaler on here? or do you find your own properties through bank Reos? I am guessing the best idea is to focus on certain area and have an idea of a few properties of interest before you go down so when you are down there you have a few options if your first one doesn't work out.. correct?
Renter · seattle, WA · Member since 2011 · 59 posts · 2 votes
15y
Originally posted by sportf190:
Jon did you already fly to Florida? Reason I ask is because I spoke with a Bob who said he has someone fly from Washington to evaluate a property?
No I did not fly to florida.
What I meant is that I have been speaking with someone from the forum about a few properties in ohio.
I was just curious to know what advice others had for investing out of state.
Real Estate Investor · Toronto, Ontario · Member since 2010 · 413 posts · 114 votes
15y
Originally posted by sportf190:
ok perfect, how do you guys actually go about doing this? do you use a wholesaler on here? or do you find your own properties through bank Reos? I am guessing the best idea is to focus on certain area and have an idea of a few properties of interest before you go down so when you are down there you have a few options if your first one doesn't work out.. correct?
Depends on how active you want to be on your property? If you don't want to be scanning through bank websites, MLS, etc then I would suggest look into wholesalers in the areas of interest. Either way i would want to be on their list of contacts for deals. They may come across some great deals, so it doesn't hurt to be notified.
I would have a good general idea of exactly what you are looking for, type of structure, beds, baths, sqft, price range, rehab budget, etc. Have a realtor that deals with out of town investors, they will usually take videos/more pictures of properties u may be interested if you are not in town.
Residential Real Estate Agent · Ocala, FL · Member since 2009 · 255 posts · 65 votes
15y
Have a local realtor do a BPO, should cost you like 50-100 dollars but it will give you a good understanding on what its worth. Have them also give you a expected rental value. I'd do this before i booked any plane.
That said, in florida it's fairly common to find something under 25k that rents for over 500/month.