I currently live in NYC, but looking to to invest where I grew up (Lehigh Valley) since real estate prices are more reasonable there. I am interesting in hearing from folks that are investing remotely on the following questions:
- Do you have a local lawyer or one in the market you invest?
- Did you register a business locally or in the market you invest?
- Do you have an accountant locally or in the market you invest?
Speaking on behalf of my old business partner...
He lives in Spain but flips houses in Georgia. His LLC was in GA. Attorney and CPA in GA. It's nice to have someone local to the market you're buying property in. Even better if they also invest.
Hi @Chad Gross
I live on the other side of the Atlantic in Sunny Spain and have been investing in Tampa Florida for many years. I used to travel back and forth constantly, but do so much less now.
In brief answer to your questions
Local lawyers: I have used a few but try to avoid them! I have used RocketLawyer.com quite a few times to draw up private agreements.
Local business: Yes I have local Florida companies & bank accounts
Local Accountant: Yes I use a CPA based out of Titusville, but I´m sure your local NYC accountant can file taxes for any Florida based income.
To be honest, the above are necessary to have in place, but they are just processes and they aren´t complicated. The tricky part is finding local (investor friendly) agents, sourcing partners (wholesalers etc), contractors and property managers. There isn´t much in the way of short cuts there - if you want to do it right you need to spend time on the ground networking with fellow professionals and checking out all your references. To convince the good ones to work with you, you will need a very clear idea of your own goals, finances and time lines.
Very best of luck - you can definitely succeed in building a portfolio in Lehigh Valley from a base in NYC.
I am curious if anyone out there is investing remotely in the Lehigh Valley (Allentown, Bethlehem or Easton) with lawyers and/or accountants local to their properties? If so, would you recommend anyone?
Join the Largest Real Estate Investing Community
Basic membership is free, forever.