Remote Rental Purchases

[Jesse Pierce]

How would you go about purchasing a rental property in another state? For example: If I lived in NYC, but couldn’t find anything within my budget. What would the process look like buying property in Austin, TX? Any input is highly appreciated. Thank you.

[Mark H. Porter]

There’s really no difference.  Find a realtor in that area, start having them send you prospects while contacting a few banks in parallel.

you want a realtor that will do the footwork whether local or remote.  They need to be able to go by the property, including a walkthrough, and send you pictures with the pro and con.  They should be knowledgeable enough to quickly see whether the HVAC has been taken care of regularly, aiding is stable, condition of roof, foundation cracks, etc...

If a realtor is not willing to be your proxy in all of the things you would do locally then simply go elsewhere.