Can someone suggest a good way to get started in the real estate market in the US while living outside the US? I'm new to real estate and want to buy and hold residential properties. My main concern is finding a property management company to handle it for me. I guess I just want to invest the money and get some passive income in return. If anyone knows how to approach this, please let me know. Thanks
Hey Kendrix- It's not too complicated to invest in an area you don't live in. I've just recently completed a buy-fix-sell and hold rentals in Texas, from the Philly market where I'm also actively investing. I would say the most important thing you need to focus on is setting up the right team for you that you can depend on for good information. 3 key players are going to make this work:
Source of properties: You can try and find a Realtor to find you investment opportunities but I believe it will be tough finding one to submit offers for you without ever having seen the properties. I think a Wholesaler would probably be your best bet. A high volume wholesaler in whichever market you're looking to invest in will provide you with several opportunities to choose from. Just don't forget to do your own due diligence on these properties! That's where these next two key players will come in.
Outside opinion of values: You need a non-biased source for values. The individual who's selling the property probably won't provide you with enough data to determine a true value of the asset. Even if you work an agreement with a Realtor or Broker for $40-50 for each time they evaluate a property. It's very much worth the investment.
A good trustworthy contractor- You're going to need someone who can take you cradle to grave on a rehab and manage themselves without you being present. This can be difficult to find. You'll need someone tech savvy who can send you pictures of materials and show when work has been completed.
Having the right team in place is key to a successful investment. What markets do you have in mind? Are you familiar with any US markets that you have any in depth knowledge in?
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