Buying Multi-Families Out of state

[Darsh Patel]

Hi everyone, 

I'm from Boston, MA but I don't want to invest in Boston because of increased real estate price and decreased ROI. I'm looking to invest in property down south. But, I'm not sure if it's logical to invest in a rental property out of state. Does anyone have any experience doing this and have any wisdom they are willing to share?

Also, what questions would you ask an agent about a property that is out of state to make sure you have a good understanding of the property and it's value? 

[Matt Lefebvre]

Hey @Darsh Patel, working on out-of-state investments is always an exciting task.  I'm dealing with a client purchasing from out-of-state right now, and I've found it really depends on finding an agent willing to do things for you.  First off, you need someone knowledgeable about the area and able to share wisdom about how the market is doing, what the rental market is like, etc.  If you don't have any friends or family in the state you're investing in, then hopefully you've found an agent that's willing to be the "boots on the ground" person.  Oftentimes I'd take photos or videos of the interior of the property so you had an idea of the condition.  Generally, you'll want some experienced professional to be able to give you an idea of the condition of the property, any expected repair costs, etc.  

It can be done, and you just need to find a person whose willing to invest the time into making it happen.