Real Estate Broker · Toledo, OH · Member since 2019 · 57 posts · 73 votes
I am fortunate enough to live in Ohio, where houses are very affordable in comparison to many other markets. For this reason, I have never had the desire to buy an investment property out of state.
I would venture to guess that the criteria from investor to investor varies, so what is it exactly that you look for when evaluating a potential long distance deal?
Any insight is greatly appreciated and should go a long way in helping me assess where I can add value to those non-Ohioans looking to invest in my state.
I would invest long distance if I couldn't find deals close to home. I look for a place with low vacancies, diverse industries and a good return on my investment. I do have rentals elsewhere, but they were bought as the market there was increasing unlike where I currently live and I want to retire in the other location. So for me while it was more expensive, I can get better rent, it has lower vacancy rate and property values increases unlike my current city. This allows me to keep up with the market where I plan to retire rather than being priced out of it.
I look for simplicity in the numbers. Do they make sense over and over again? How much is the team going to do for me and do other investors feel happy with this team's work.