I’m in New York and I’m looking to invest in an entirely different market; like Pennsylvania, New Jersey or maybe further south.
How do I get a property under contract being hours away?
What are some things I need to check off before investing in a market other than my own?
Spend time in the market, for sure. Drive around and get an understanding of the neighborhoods so you have a reference when you're looking at deals. It'll save you a lot of time when you evaluate deals, so you can throw out the ones in places you don't like and pursue ones you do like.
I see from your profile that you might be raising money from investors. You need to put in the legwork that they're not putting in!
I agree take a trip to the market after you identified a few deals you are interested in.
Also find a good local realtor to get you some feed back on the local market. I tend to advise against long distance flips but rental properties can still be great for out of state investors.
I agree on the above comments. You need someone that is within a short distance away, so an Agent or Investor who is familiar with the neighborhood would be your best bet. Sometimes you can get silent-partners from local network events as well, this way you could split some deals with others who have done it before, thereby decreasing your overall risk. Good luck!
Skyler Flintall, definitely visit the market a few times. Find an agent and a property management company who has experience with investors and can help you turn the property when it goes vacant. Hope that helps!
Taylor L, Tarik Turner, Brian Allen and Kenneth Mooney Thank you for the great feedback. I basically need to visit the market and establish a network of people there so I have an in on how to invest strategically!
I’m on it.