First Rental from different state I don't know. HELP!

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Hi, I have been looking for duplex rental properties in Georgia, but I am from New York. I am a beginnier and I am not sure where to start. Please help!

Hi @Jason Kim , I'm also from New York and currently living in Georgia! There are many of us here on BP, so we should be able to assist. I have many questions, but here's what I'd need to know to get started offering help:

  • Exactly where are you looking for duplexes? Georgia is huge, so specific cities or counties would be most useful.
  • What price range are you operating in? How much are you prepared to invest?
  • Are you buying with cash, or will you need financing?
  • Most importantly, why are you buying a duplex? What financial problem are you trying to solve?
Originally posted by @Jason Kim :

Hi, I have been looking for duplex rental properties in Georgia, but I am from New York. I am a beginnier and I am not sure where to start. Please help!

 Welcome to the sit Jason. It's not really that complicated to buy out of state. Tons of investors do it every day. It only becomes complicated when investors try to over complicate or over think everything. Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.

  • Don't buy in the roughest neighborhood in the urban core. Pick a solid B-Class suburban area. Perhaps a nice 1950's built bungalow.
  • Always hire a 3rd party property inspector to give you an unbiased feel for the home. The reports are 40-90 pages long and go through the entire house in great detail.
  • Get an appraisal. If your using financing the bank requires this. This is good. The bank isn't going to let you blow their money. They have more skin in the game then you do.
  • Make sure you get clear title. If using a lender this is a non issue. They will make you do this. It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.
  • Make sure your property manager is a licensed real estate brokerage.
  • Understand you can not eliminate all risk, only mitigate it. If you are risk adverse real estate, (especially out of state) is not for you.

@Jason Kim If you have no experience as a real estate investor, and more importantly, as a landlord, I do not recommend investing out of your immediate area.  Start with something manageable (a two-family house, for example) that is within close range of where you live.  You need to be able to check on that property daily, to learn about property management, leasing and investment.  "Crawl before you walk, walk before you run."