Investing in another state

6 Replies

I have a passion for real estate. Living in New York City and for a few reasons I want to invest in Raleigh North Carolina. Does anyone have advice on where and how I should go about deciding on an area in raleigh? Especially since I live I New York. I appreciate any words of wisdom

let me know what you find. As I still haven't in spite of living here. 

Hey Frederic- I recommend listening to the Bigger Pockets Podcast, show #73- it's all about investing in one state while living in another. It has some great tips. Hope that helps!

Erica

- Determine exactly what sort of investments you want to go after in Raleigh (single family, multi, etc), what price range, neighborhood quality and what your long term goals are.

- Armed with the above information, connect with Raleigh investors via BP.  It shouldn't take but a few hours of reading to figure who the players are in the area.

- Drive to Raleigh.  Spend some time with folks you've connected with and the neighborhoods you're interested in.

You're less than an eight hour drive from multiple, high yielding markets.  I have to fly 12+ hours to reach mine.  No excuses :)  Good luck.

Hey Frederic welcome to the site! As Sam mentioned, give us some more info as far as your short-term on long-term goals for investing in Raleigh. I'll tell you like I told another guy looking to invest in Raleigh: it's a super hot market right now. Properties are selling almost as fast as they're listed and for full asking price or higher. Don't be afraid to look at other areas surrounding Raleigh such as Wake Forest, Durham, Cary, etc. Also take Erica's advice and listen to the podcast about investing in a different state than the one in which you live if you haven't already. 

I see a few issues and techniques there.

First, you're going to need to put together a team in your target market - brokers, a lawyer, a manager, maybe contractors, an accountant (that can be local to you), etc..  There are probably people here who can hook you up.

For brokers, I'd go on Loopnet, and see who's listing properties in the area.  You may not want the properties they're showing on Loopnet, but you can use that as a way to introduce yourself, let them know you're serious, and that they should contact your when they come up with something that fits your profile.

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