Can anyone share info on purchasing a Multi-Family unit out of state?
What stage are you, like ready to go? I'm in Ca and < 1 month from moving to Nevada or Arizona to do a live in flip which I plan on as a separate and isolated transaction from a 4-8 unit multifam in either state. California has less choices/profit margins for cash flowing multifams and flips, so I'm comfortable with relocating.
The closer I get to leaving, the reality of the time and $ it may take to close and search/offer/respond is setting in; 1-2 months rent, 24 hour fitness and XBOX One budget is growing. I suppose the reality is that there are stories where it works out great with a manger or management co, and there are nightmares where the owner spends tons of $$ going back and forth.
Nearest to you New York and Illinois seemed to have the best selection of properties on the market, but I'm staying out here because my attorney/co-investor is going to stay in Ca while I'm in Nevada or Az which is driving distance or cheap flying, so I figure I'd rather keep him on board to help with paper battles, instead of go to the best states which I think would be Texas or Florida for the weather and the opportunities.
But yeah guys, I'd like to hear some stories......
@Frederick Jackson it depends.
What State(s) are you looking at (more precisely, what cities or counties)?
How big is the MF (4 units or less or more)?
Are you looking for rehabs or turn-key? That depends on your budget.
Do you have either residential or commercial funding (that could make a difference in the type of loan needed or required)?
Do you have a RE team in those states? (realtor, wholesalers, bird-dogs, GC or handyman, etc)? You will need someone to go view the property and give you a report. Don't ever buy sight unseen, if you can help it. Having another investor do you a favor might save you trip costs to view it yourself.
Have you done any deals, yet? You might consider something local and SFH if you haven't.
Good fortunes in your REI endeavors.
Thanks for the advice!!! @John Hamilton
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing