So I am potentially going to have to relocate out of state come August 2015. I have a business partner here locally who I plan to continue working with. We run a direct mail campaign that we only plan to increase. Relocation would be for my wife's education. She has her under grad work done and is going on to get her PSYD. (Doctorate of Psychology). We would be moving a max of 5 hours away. My plan would be to travel back a few times a month for closings and looking at properties. Eventually as our Cashflow increases we would start dropping mail where I am located giving us access to two markets. I also am hoping to be able to go full time by July of 2015. So I need some encouragement and some advice. My first plan is to "hack our housing". As soon as we find out where we will be living I'm going to buy a duplex and rent half of it out.
Good plan, unless you are a control freak, in which case I do not recommend trying to remotely invest/manage properties. If you are comfortable with day to day operations of your properties in other people's hands, then you'll be fine.
My primary market is about 4 hours away all told. I grew up near there and am familiar with most of the players now that I've been actively investing for 4+ years. I travel there ~15 times a year, but not on a schedule.
Access to 2 markets is a good thing. Are you thinking of getting into student housing? I had 2 duplexes in grad school and loved renting to students.
Never mind the duplex... Find yourself a nice 4 unit apartment building with a good back yard. You should be able to live for free and have a small, easy to take care of, space for relaxation and surfing BP :)
I am impressed with those who can invest remotely. I guess I am too much of a control freak (?) or maybe it's just the craziness of this business. This afternoon, I got an urgent text message from my agent about a property (listed, she has info that the sellers are in a panic). So, I'm about to head over there and check it out. Probably submit a (well-below-listed-price) offer on it in the morning.... The only way I could be doing this remotely is with a business partner here, which means splitting profits (or my partner wondering WHY we split profits while she does all the work! ha ha)....
Ryan D. what kind of investing do you do? I am a remote investor (live in NYC but invest in DFW and Cincinnati) but I do deal syndication on large apt communities. It works for me because I have a professional property mgmt company.
However, and this is just me, but I didn't have any success when I tried to do wholesaling remotely. That was about 5 years ago when I was just starting out but I found it very difficult to do because I couldn't easily drive to meet sellers/buyers.
Originally posted by @Dev Horn :
I am impressed with those who can invest remotely. I guess I am too much of a control freak (?) or maybe it's just the craziness of this business. The only way I could be doing this remotely is with a business partner here, which means splitting profits (or my partner wondering WHY we split profits while she does all the work! ha ha)....
Not splitting profits 50/50 but having a much smaller split. (Like 90/10)
Thanks for the advice guys and keep it coming. I am looking for SFR and small multi properties. We wholesale anything that we don't plan to keep. I do split profits/responsibilities 50/50 with my business partner. I do all of the repair estimates, contracts, and alot of the actual dialogue with sellers. Where as my partner handles keeping track of our leads, running comps, and setting appointments. It honestly works out really really well. Hence why we want to keep working together and will eventually hit both markets.
@Joe Fairless sounds interesting could you explain a little more how that works? Fell free to pm if you prefer.
@Aaron Montague Honestly I would prefer a 4 plex it's just a matter of what I can find! We would most likely get into some student housing especially if we are living in a college town.
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