Investor · Cozad, NE · Member since 2016 · 1 post · 0 votes
I started investing in rental properties 5 years ago in my small home town. ( less than 4k people.) I have built a portfolio of 7 properties 2 of which im currently selling to fund some other deals. The 5 I am keeping cashflow well. I would like to diversify a bit and find some deals out of my area. What is the process when trying to find deals out of your area. Do you personally go and look at the properties you are interested in and how do I find good management for these properties?
Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
4y
@Zach Horse out of state/out of town investing all revolves around developing a team. David Greene talks about this all the time and has a book specifically for out of state investing. If you're looking to expand your portfolio, you need to develop your core four (agent, pm, lender, contractor). Specifically, interview and work with an agent that either has rentals or is consistently working with out of state investros. Once you find a resourceful agent, usually the rest of the team is fairly easy to assemble based on referrals. At the end of the day, you need people in your business that you can trust. Personally viewing each property before putting in an offer is going to be time consuming and costly. My recommendationa and experience when working with out of state investors is to view the property once under contract during due diligence. Hope this helps!