Real Estate Agent · Swansea, MA · Member since 2016 · 3 posts · 0 votes
hi! i’m curious and hoping someone has some insight: what does everyone do when they’re investing outside of their typical investing area? whether it’s buying out of state, or just buying outside of your normal neighborhood but in the same city. is there something like rentometer? i’m interested in a property about 30 minutes away from me and i know a part of this particular city is beautiful and the other is quite dangerous so i’m looking for a way to “vet” the area. thanks in advance!
Rely heavily on referrals, whenever you can. I personally advise against buying a property sight unseen and recommend that clients come out to see the property once it is under contract, and scheduled for an inspection. Don't buy something based just off of photos. Ask your agent to do a video walk through if you are unable to physically see the property in person.
To me, the most critical part of your OOS strategy will be a great PM. A great PM will make or break your investment in my opinion. Choose wisely.
Lastly, work with someone who has the heart of a teacher, not that of a salesman. It's important that you learn through the process and develop skills that will make you a better investor, as opposed to just going through the steps but not learning anything!
There are a lot of recourses you can use to look into the areas outside of where you are. First, I would start with calling the local police station. They should be able to help answer any questions about crime in the area.
There are also some websites to give you an idea of crime rates.
The best way is to find a local agent that can trust. I live/work in CT and just invested in Indianapolis with an agent I know and trust.
30 Minutes away is a quick drive, go drive around the area. Take a look at the cars parked on the street, is there trash all over the ground? Quiet during the day or loud at night?
Yeah I hear you on that. I was like that until I connected with people trust. Happy to help connect you with agents. I have a pretty big network throughout the Northeast and country.
Definitely look into making contact with a local realtor within the investment community of where you're looking at. Building up your network and resources will be crucial to being able to successfully vet areas and find the right property for the investment strategy that you're looking into. Local realtors will have access to contractors, property managers, will be able to run comps and assist with financing options. If you're not willing to invest out-of-state to maximize your return, then make sure to take advantage of being your own boots-on-the-ground team by finding connections to help you along the way.
Rely heavily on referrals, whenever you can. I personally advise against buying a property sight unseen and recommend that clients come out to see the property once it is under contract, and scheduled for an inspection. Don't buy something based just off of photos. Ask your agent to do a video walk through if you are unable to physically see the property in person.
To me, the most critical part of your OOS strategy will be a great PM. A great PM will make or break your investment in my opinion. Choose wisely.
Lastly, work with someone who has the heart of a teacher, not that of a salesman. It's important that you learn through the process and develop skills that will make you a better investor, as opposed to just going through the steps but not learning anything!