My wife and I currently live in Dallas, TX and looking at out of state investing. I was born and raised outside of Greenville, SC, so very familiar with the area in the upstate. I am looking for some assistance on things to keep in mind and pros/cons to doing out of state investing.
On top of this, I would love to connect with anyone in the upstate that would be willing to chat who has experience working with other investors out of state. I am looking to gain insights around financing, property management, and off market properties.
Thank you everyone for all the help!
I live in the area but am new to the game as well. Not sure I would be able to assist.
While I do not live in Greenville, I can tell you that having a good team and system are all crucial components to successfully investing out of state. If you are new at investing out of state, I highly recommend attending local REI meetings and networking with your primary goal being to find someone who has invested out of state successfully. Learn the ropes from that individual, build business relationships in the mean time and then rock and roll.
Hey @Michael Ghizzoni . I invest and live in Clemson down the road from Greenville. I would recommend flying into town and going to an Upstate CREIA meeting. There are many active wholesalers, property managers, agents, and landlords you could build relationships with. They also have a Yahoo Group where people post often, and you could let people know what you're looking to do and see who contacts you. Good luck!
Thank you for the help! I have been going to the REI meetings in town here and have started to get some really good ideas/contacts. Most are in DFW, but great ideas for putting together a team.
I was not aware of the Upstate CREIA meetings. My family still lives in Easley and interesting enough my wife and I both graduated from Clemson a little over 5 years ago. Thank you for the ideas/group in the area. I will definitely be looking into it!
Hello if interested in Florida please reach out to me. My son and I have had great success in helping out of town investors secure properties in Central Florida where we live. We currently work with investors looking for rental properties that are near the major attractions that gain over 60 million visitors a year from all over the world.
My wife and I considered investing in my hometown in northern Michigan. We live in Georgia. Like you, I know the area I'd be investing in well, and the initial numbers on several properties look very good. There is also a serious shortage of long term rentals. I linked up with a few real estate agents and also a property manager to discuss the possibilities. But ultimately, for the time being, we've decided against it. I use a property manager for my rentals here, but the thought of not being able to check in on my properties from time to time doesn't sit well with me. I've also read quite a few negative posts on BP regarding investing out of state. I'm sure you can do a quick search and find those threads.
That said, my wife's from Greenville and we live about 75 miles down I-85. Her family is all up there, so we're in town 1-2 times per month. We've started considering that market. I hope you'll post on your experience if you decide to invest up there, I'd like to hear about it!
Thank you for the thoughts! Not being able to see the properties is my biggest fear as well. My whole family basically lives there and have their own rentals, so there is some built in support. But again, not the easiest thing to balance. It certainly is a great place and growing fast! Almost too fast. Not the quiet town it used to be.
Hello, For the out of town investors, I have created an accountability system for property managers to report on the condition and upkeep of your rental properties. The PM can put this form on their smartphone and submit it at the frequency you need it. When they submit it, you get an emailed report of the condition of your property. I have seen a surge in owners saying the PM's are not doing their jobs and if you rely on them to keep your values up, you need assurance. Please take a look, test and comment on my form. I love your opinions.
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