Anyone who is doing long distance investing?

Foreigners Buying in the USA
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Anyone who is doing long distance investing?

Jasraj Singh
Member since 2020 · 295 posts · 56 votes

Is there anyone who is doing long distance investing? investing out of there country or state? Cause I want to know what measures do I have to take before investing in another country or state.

11Reply
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Asim Sheikh
Long Island, NY · Member since 2019 · 97 posts · 55 votes
6y

@Jasraj Singh - I recommend the book on "Long Distance Investing" by David Greene.  

33Reply
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  • Asim Sheikh
    Long Island, NY · Member since 2019 · 97 posts · 55 votes
    6y

    @Jasraj Singh - I recommend the book on "Long Distance Investing" by David Greene.  

    33Reply
  • Stone Saathoff
    Investor · San Antonio, TX · Member since 2019 · 576 posts · 307 votes
    6y

    I work with some California based investors who put their money into Texas for rentals, it's a different animal, you have to be a lot more diligent in collecting information and looking through what you can at your computer, also have some boots on the ground where you're buying. Property manager or buyers agent at least.

    15Reply
  • Felipe Lois Affini
    Flipper · Anna-TX · Member since 2017 · 71 posts · 76 votes
    6y

    @Jasraj Singh,

    I am from Brazil and investing in the US (Texas). I recommend you follow some steps:

    1) research where and in what type of property you want to invest;

    2) run the numbers on a few properties that match your criteria;

    3) talk to people (other investors, realtors, contractors) in that area to understand better the market;

    4) fly there at least one time to drive, visit properties, etc;

    5) Invest.

    Even with all precautions, you can still have problems with rehab/tenants, etc. But this is part of investing in real estate.

    It is possible and profitable to invest in another state/country.  

    Do your homework and go for it!

    Let me know if I can help in any way.

    22Reply
  • Rabih El-Khoury
    Rental Property Investor · Dubai, UAE · Member since 2016 · 52 posts · 51 votes
    6y

    Hi Jasraj. I am based in Dubai at the moment and have an investment in Dallas and i'm currently exploring the market in Memphis. Depending on whether or not you need a loan, before wasting any of your time, if you do need a loan, secure a lender. Once that's out of the way, setup an LLC (you can do that online and there are several provider who can help). Third, being long distance, you have two options: either you go with a turnkey company or you can put build a "team" that will help you in that market. That "team" would consist of: real estate broker, property management company -- those are the two primary members -- then inspector, and, if you plan on doing fixes, you'll need a contractor. My experience tells me, if you choose a real estate broker who themselves are investors, chances are they are know an inspector and a couple of contractors. Your property manager is an extremely critical member of your team; do your homework. Then, after that, it's all about running the numbers.

    18Reply
  • Mary Gansallo
    Investor · WA · Member since 2017 · 30 posts · 17 votes
    6y

    @Rabih El-Khoury what made you pick Memphis as your next out of state investment? Also, how do you vet real estate agents and property managers in these areas you’re unfamiliar with?

    9Reply
  • Eric Yao
    Member since 2019 · 13 posts · 8 votes
    6y

    You can do single tenant net lease that doesn't need much management. Pick those with long lease, strong tenant, and good location. Also, smaller is more flexible when you have to re-purpose it 10 years from now. 

    4Reply
  • Mark AinleyBusiness Member
    Property Manager · Roselle, IL (Chicago Suburb) · Member since 2013 · 2k+ posts · 1k+ votes
    6y

    @Rabih El-Khoury @Jasraj Singh If you are looking in Memphis you need to talk to @Douglas Skipworth at Crestcore.  If he cant help you he will point you in the right direction.  You can also talk with @Chris Clothier who is a reputable turnkey seller and Property Manager in both the Dallas and Memphis market.  People like myself or @Brie Schmidt can give you direction here in Chicago.

    [email protected]630-781-6744Podcast Guest on Show #72
    GC Realty & Development LLC4.61090 Reviews
    WebsiteView Page
    8Reply
  • Jim Chuong
    Rental Property Investor · Toronto, Canada · Member since 2012 · 102 posts · 95 votes
    6y
    Originally posted by @Jasraj Singh:

    Is there anyone who is doing long distance investing? investing out of there country or state? Cause I want to know what measures do I have to take before investing in another country or state.

    I am. I'm Canadian and own rentals in Phoenix (2000+ miles away) and Memphis (1000 miles away)

    I don't know what you mean by "measures" that you need to take. I picked up the phone and called a few agents and spoke with them about what I was looking for
     

    10Reply
  • Kaitlyn Nesbitt
    Rental Property Investor · Los Angeles, CA · Member since 2019 · 15 posts · 15 votes
    6y

    Hey Jasraj, I am in the same position as you looking to invest out of state. I'm in the processing of selecting a market now. Once you decide on a state and city it's good to narrow it down even further to specific zip codes and neighborhoods. When I know specifically the type of property I'm looking for and where, I'll reach out to real estate agents and brokers who work in those areas. While you're looking for your deal begin putting the rest of your team together including the property manager and contractor. Definitely recommend reading David Greene's book "Long-Distance Real Estate Investing." Best of luck!

    10Reply
  • Jean Joseph
    Rental Property Investor · Riviera Beach FL · Member since 2017 · 89 posts · 54 votes
    6y

    @Jasraj Singh

    Hi, i resides in New york. I have two sfh in south Florida and 1 in Detroit michigan.

    Currently working on a vacation villa in Costa Rica...the corona virus put a pause on the project.

    All self managed 🤷🏿‍♂️💪🏿

    9Reply
  • Susan Tan
    Rental Property Investor · Houston, TX · Member since 2019 · 212 posts · 149 votes
    6y

    I long-distance invest in Cincinnati while living in SF Bay Area, hoping to expand into Cleveland & Columbus within a few years. It is super critical to find good realtors & property managers.

    9Reply
  • Jasraj Singh
    OP
    Member since 2020 · 295 posts · 56 votes
    6y
    Originally posted by @Asim Sheikh:

    @Jasraj Singh - I recommend the book on "Long Distance Investing" by David Greene.  

    Definitely! Thanks a lot for your advice mate!

    appreciate it!

    1Reply
  • Jasraj Singh
    OP
    Member since 2020 · 295 posts · 56 votes
    6y
    Originally posted by @Stone Saathoff:

    I work with some California based investors who put their money into Texas for rentals, it's a different animal, you have to be a lot more diligent in collecting information and looking through what you can at your computer, also have some boots on the ground where you're buying. Property manager or buyers agent at least.

     You're right! I'll definitely into into that! 

    thanks for you advice mate!

    0Reply
  • Jasraj Singh
    OP
    Member since 2020 · 295 posts · 56 votes
    6y
    Originally posted by @Felipe Lois Affini:

    @Jasraj Singh,

    I am from Brazil and investing in the US (Texas). I recommend you follow some steps:

    1) research where and in what type of property you want to invest;

    2) run the numbers on a few properties that match your criteria;

    3) talk to people (other investors, realtors, contractors) in that area to understand better the market;

    4) fly there at least one time to drive, visit properties, etc;

    5) Invest.

    Even with all precautions, you can still have problems with rehab/tenants, etc. But this is part of investing in real estate.

    It is possible and profitable to invest in another state/country.  

    Do your homework and go for it!

    Let me know if I can help in any way.

    Absolutely! thanks a lot this is very helping! when you went to Texas did you apply for a job there first to build some credits?

    1Reply
  • Jasraj Singh
    OP
    Member since 2020 · 295 posts · 56 votes
    6y
    Originally posted by @Rabih El-Khoury:

    Hi Jasraj. I am based in Dubai at the moment and have an investment in Dallas and i'm currently exploring the market in Memphis. Depending on whether or not you need a loan, before wasting any of your time, if you do need a loan, secure a lender. Once that's out of the way, setup an LLC (you can do that online and there are several provider who can help). Third, being long distance, you have two options: either you go with a turnkey company or you can put build a "team" that will help you in that market. That "team" would consist of: real estate broker, property management company -- those are the two primary members -- then inspector, and, if you plan on doing fixes, you'll need a contractor. My experience tells me, if you choose a real estate broker who themselves are investors, chances are they are know an inspector and a couple of contractors. Your property manager is an extremely critical member of your team; do your homework. Then, after that, it's all about running the numbers.

    Definitely! that's right! but when you went to Texas how did you build your credit and can you tell me how did you build you team when you went there like how did you connect with agents, contractors, brokers? 

    4Reply
  • Jasraj Singh
    OP
    Member since 2020 · 295 posts · 56 votes
    6y
    Originally posted by @Eric Yao:

    You can do single tenant net lease that doesn't need much management. Pick those with long lease, strong tenant, and good location. Also, smaller is more flexible when you have to re-purpose it 10 years from now. 

     Thanks for your advice! but I am looking for affordable properties to start and then I can do commercial! So do you have any suggestions about affordable housing?

    1Reply
  • Jasraj Singh
    OP
    Member since 2020 · 295 posts · 56 votes
    6y
    Originally posted by @Mark Ainley:

    @Rabih El-Khoury @Jasraj Singh If you are looking in Memphis you need to talk to @Douglas Skipworth at Crestcore.  If he cant help you he will point you in the right direction.  You can also talk with @Chris Clothier who is a reputable turnkey seller and Property Manager in both the Dallas and Memphis market.  People like myself or @Brie Schmidt can give you direction here in Chicago.

    Thanks a lot! I don't know much about Memphis cause I've been currently reading about michigan, Kansas, and Indianapolis cause I first want to invest in an affordable city from where I can learn. what are thoughts on Memphis?

    0Reply
  • Jasraj Singh
    OP
    Member since 2020 · 295 posts · 56 votes
    6y
    Originally posted by @Jim Chuong:
    Originally posted by @Jasraj Singh:

    Is there anyone who is doing long distance investing? investing out of there country or state? Cause I want to know what measures do I have to take before investing in another country or state.

    I am. I'm Canadian and own rentals in Phoenix (2000+ miles away) and Memphis (1000 miles away)

    I don't know what you mean by "measures" that you need to take. I picked up the phone and called a few agents and spoke with them about what I was looking for
     

    alright! so when you called them did you tell them about the specific location where you want to invest in?

    1Reply
  • Jasraj Singh
    OP
    Member since 2020 · 295 posts · 56 votes
    6y
    Originally posted by @Kaitlyn Nesbitt:

    Hey Jasraj, I am in the same position as you looking to invest out of state. I'm in the processing of selecting a market now. Once you decide on a state and city it's good to narrow it down even further to specific zip codes and neighborhoods. When I know specifically the type of property I'm looking for and where, I'll reach out to real estate agents and brokers who work in those areas. While you're looking for your deal begin putting the rest of your team together including the property manager and contractor. Definitely recommend reading David Greene's book "Long-Distance Real Estate Investing." Best of luck!

    Thanks a lot for you advice! have you done this already or are you planning cause I need to know how did you put your team together?  

    0Reply
  • Jasraj Singh
    OP
    Member since 2020 · 295 posts · 56 votes
    6y
    Originally posted by @Jean Joseph:

    @Jasraj Singh

    Hi, i resides in New york. I have two sfh in south Florida and 1 in Detroit michigan.

    Currently working on a vacation villa in Costa Rica...the corona virus put a pause on the project.

    All self managed 🤷🏿‍♂️💪🏿

    that's brilliant! can you give me some advice or tips on self managing the property? I need to know

    0Reply
  • Jasraj Singh
    OP
    Member since 2020 · 295 posts · 56 votes
    6y
    Originally posted by @Steven McCord:

    The first thing is to know as much as you can about the market, and where you are going to get the best possible returns at the lowest possible risk. 

    I am building an software solution to solve this exact problem by producing a detailed mapping of risk & return and an early warning on locations that are changing and may present good opportunities, starting with the Dallas-Fort Worth area.

    Local agents are an important part of the process but my belief is that you contact them after you have done your homework. Having done it yourself (in a matter of minutes with this software), and having reviewed rich, objective information, you will pretty much know what you want and can get focused on a shortlist of opportunities quickly.

    We're actually surveying people in long-distance buying situations to make sure we are building the right thing. Contact me if interested.

    thanks for your advice!
     but I'm confused about where to invest, I've selected 3-4 cities but I am figuring out which one to invest in cause I want to start with affordable housing first. Do you have any suggestions?

    0Reply
  • Jasraj Singh
    OP
    Member since 2020 · 295 posts · 56 votes
    6y
    Originally posted by @Susan Tan:

    I long-distance invest in Cincinnati while living in SF Bay Area, hoping to expand into Cleveland & Columbus within a few years. It is super critical to find good realtors & property managers.

    definitely! can you tell me the qualities of good realtors & property managers so that it would be easier for me to find them?

    0Reply
  • Michael Ohara
    Investor · HI · Member since 2017 · 328 posts · 124 votes
    6y

    @Jasraj Singh I live in Hawaii and invest in Cleveland. We chose Cleveland because there are good deals and a strong rental market. Having a good team on the ground is critical.

    2Reply
  • Anthony Liguori
    Rental Property Investor · NJ (new jersey) · Member since 2019 · 113 posts · 16 votes
    6y
    Originally posted by @Felipe Lois Affini:

    @Jasraj Singh,

    I am from Brazil and investing in the US (Texas). I recommend you follow some steps:

    1) research where and in what type of property you want to invest;

    2) run the numbers on a few properties that match your criteria;

    3) talk to people (other investors, realtors, contractors) in that area to understand better the market;

    4) fly there at least one time to drive, visit properties, etc;

    5) Invest.

    Even with all precautions, you can still have problems with rehab/tenants, etc. But this is part of investing in real estate.

    It is possible and profitable to invest in another state/country.  

    Do your homework and go for it!

    Let me know if I can help in any way.

    I am also interested in investing out of state because NJ is really expensive and there aren't any good deals here for good price. My question is , how profitable is investing out of state after paying a property manager and everything else each month?

    1Reply
  • Anthony Liguori
    Rental Property Investor · NJ (new jersey) · Member since 2019 · 113 posts · 16 votes
    6y
    Originally posted by @Jim Chuong:
    Originally posted by @Jasraj Singh:

    Is there anyone who is doing long distance investing? investing out of there country or state? Cause I want to know what measures do I have to take before investing in another country or state.

    I am. I'm Canadian and own rentals in Phoenix (2000+ miles away) and Memphis (1000 miles away)

    I don't know what you mean by "measures" that you need to take. I picked up the phone and called a few agents and spoke with them about what I was looking for
     

    how profitable is it after expensive and paying a property manager each month?

    0Reply
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