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.

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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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  • Jasraj Singh
    OP
    Member since 2020 · 295 posts · 56 votes
    6y
    Originally posted by @Michael Ohara:

    @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.

     excellent! but could you tell me how did you find out that Cleveland is a strong rental market? like by visiting there or talking to agents? 

    1Reply
  • Susan Tan
    Rental Property Investor · Houston, TX · Member since 2019 · 212 posts · 149 votes
    6y

    @Jasraj Singh: Please read the Bigger pockets articles https://www.biggerpockets.com/blog/find-property-management-company and https://www.biggerpockets.com/blog/2013-10-30-how-to-find-property-manager. Both are written by 2 well respected real estate investor entrepreneurs who also have their own respective youtube series & podcasts on intro to REI for beginners. I also recommend the full book list http://biggerpockets.com/books to get an overview of all the various pathways in REI.

    4Reply
  • Jean Joseph
    Rental Property Investor · Riviera Beach FL · Member since 2017 · 89 posts · 54 votes
    6y

    @Jasraj Singh

    I would suggest reading Landlord on Autopilot.

    Thats all i read and honestly 99% of managing is learned on the field.

    My advice is keep coming on biggerpockets when you're not sure about a situation until you get the hang of it. AND ONE OR TWO GOOD HANDYMAN

    2Reply
  • Mike LambertPro Member
    Investor · The Americas and Europe · Member since 2016 · 1k+ posts · 1k+ votes
    6y

    I live in Canada but started investing in Mexico a few years back. I now look at the whole world as my playground but I'm focusing on the best markets, which are in Latin America and Southern Europe: Mexico, Costa Rica, Panama, Dominican Republic, Colombia, Brazil, Uruguay, Portugal, Spain, Italy, ...

    That approach is best for diversification. Most investors are taking huge risks without realizing it by having all their assets in the same city, state or country and in the same currency. Moreover, at any time, there is always at least one market that works and you can switch your focus depending on how each market is performing at any given time.

    Of course, if you want to do something like this, you need to acquire the knowledge and have the necessary connections on the ground. It takes time and ain't easy. Alternatively, you can invest along with investors who have what it takes and know what they're doing.

    3Reply
  • Zeke Liston
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    6y

    I agree with @Susan Tan, a good team is crucial. I would suggest narrowing down a couple of areas and finding a rockstar team @Jasraj Singh

    2Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ 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.

     You need to come to Columbus sooner rather than later!

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    2Reply
  • Andrea Weule
    Investor · Member since 2020 · 324 posts · 278 votes
    6y

    Hello! I'm located in Denver, CO and I've done deals in 15 other states.  I find that depending on the strategy there are benefits for investing at home and remote.  Most of all I build a good team and do some market research prior to diving in too much (employment, market fluctuations, crime areas, etc).  The actual strategies are the same, but often take longer in remote investments.  

    2Reply
  • Anthony Liguori
    Rental Property Investor · NJ (new jersey) · Member since 2019 · 113 posts · 16 votes
    6y

    @Rabih El-Khoury

    So is the mortage in your personal name and your partners name if you have one. Or you get a loan in the LLC name which I heard can be very difficult or just pay all cash and not worry about the bank?? I am interested in long distance investing. Just unsure on certain things like who's name the house goes into

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

    @Jasraj Singh: Please read the Bigger pockets articles https://www.biggerpockets.com/blog/find-property-management-company and https://www.biggerpockets.com/blog/2013-10-30-how-to-find-property-manager. Both are written by 2 well respected real estate investor entrepreneurs who also have their own respective youtube series & podcasts on intro to REI for beginners. I also recommend the full book list http://biggerpockets.com/books to get an overview of all the various pathways in REI.

    thanks a lot for the articles! I'll definitely look into that!

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

    @Jasraj Singh

    I would suggest reading Landlord on Autopilot.

    Thats all i read and honestly 99% of managing is learned on the field.

    My advice is keep coming on biggerpockets when you're not sure about a situation until you get the hang of it. AND ONE OR TWO GOOD HANDYMAN

    alright!!! thanks man! I'll definitely read that book! 

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

    I live in Canada but started investing in Mexico a few years back. I now look at the whole world as my playground but I'm focusing on the best markets, which are in Latin America and Southern Europe: Mexico, Costa Rica, Panama, Dominican Republic, Colombia, Brazil, Uruguay, Portugal, Spain, Italy, ...

    That approach is best for diversification. Most investors are taking huge risks without realizing it by having all their assets in the same city, state or country and in the same currency. Moreover, at any time, there is always at least one market that works and you can switch your focus depending on how each market is performing at any given time.

    Of course, if you want to do something like this, you need to acquire the knowledge and have the necessary connections on the ground. It takes time and ain't easy. Alternatively, you can invest along with investors who have what it takes and know what they're doing.

     Got it! thanks man! Can you tell me how do you find out which is the best market? like what do we have to focus on? and do you invest in Canada?

    0Reply
  • Eric Yao
    Member since 2019 · 13 posts · 8 votes
    6y

    When you say "affordable housing", I assume you refer to residential properties that are not as expensive as commercial? In the US, "affordable housing" usually means rental properties for low-income households. 

    Well, if you want to do rental properties, from long distance, I think you may consider two challenges: 1. manage  your tenants, i.e. delinquencies, turnovers, and evictions. 2. the buildings, i.e. repairs and maintenance. 

    There are two solutions: 1. find a management company you can trust, which is not easy. 2. find high quality tenants who can stay longer, and find a property that doesn't need a lot of maintenance. 

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

    Hello! I'm located in Denver, CO and I've done deals in 15 other states.  I find that depending on the strategy there are benefits for investing at home and remote.  Most of all I build a good team and do some market research prior to diving in too much (employment, market fluctuations, crime areas, etc).  The actual strategies are the same, but often take longer in remote investments.  

    okay! Got it! I'll definitely look into that! 

    thanks a lot!

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

    I agree with @Susan Tan, a good team is crucial. I would suggest narrowing down a couple of areas and finding a rockstar team @Jasraj Singh

    Alright! thanks man! could you suggest me that while I select a couple of areas for investing what do I need to look for in those areas? 

    0Reply
  • Lucia Rushton
    Realtor · Dallas - Fort Worth Metroplex, TX · Member since 2016 · 1k+ posts · 925 votes
    6y

    @Jasraj Singh. It depends on what investment you want to make - do you want to purchase your own SFH or do you want to invest in a syndication ?

    I have plenty of out of state investors. They have decided on texas and then Dallas first. I help them along the way. I am their boots on the ground. But they still run the numbers and come to the closing table.

    Syndication is a whole different animal and can add to your portfolio and let you get comfortable with investing in Real estate. Different lingo but still either investment can be advantageous.

    2Reply
  • Felipe Lois Affini
    Flipper · Anna-TX · Member since 2017 · 71 posts · 76 votes
    6y
    Originally posted by @Jasraj Singh:
    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?

    I didnt. I Live in Brazil (not in the US) and fly there often to check a property that I have and to attend tax auctions. The way I used (as a foreign) to build credit was to buy a prepaid credit card (basically they hold $500 from my checking account and gave me $500 in credit. Then you start to use as a regular credit card and pay it monthy). If you could I seggest you do that as soon as possible.   

    0Reply
  • Felipe Lois Affini
    Flipper · Anna-TX · Member since 2017 · 71 posts · 76 votes
    6y
    Originally posted by @Anthony Liguori:
    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?

    The way that I see is that it can be profitable if you run your numbers right. You going to consider your extra expenses you going to have for investing out of state (like property managment). If it still makes sense you do your do diligence and go for it. 

    Real estate is a people business. Finding reliable people (and for me this is always the challange) is key to suceed.  

    0Reply
  • Ben Halabi
    Property Manager · Cleveland, OH · Member since 2019 · 123 posts · 65 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.

     The first thing you wanna do is find a good property management that you can trust. They will be able to help you out the most. Also try to reach out to people in the area you are looking to invest in and build a good relationship with them. They can be a great help for you in the future.

    0Reply
  • Susan Tan
    Rental Property Investor · Houston, TX · Member since 2019 · 212 posts · 149 votes
    6y

    @Jasraj Singh I highly recommend visiting or temporarily living in the area you want to invest in. I also highly recommend the Midwest as a good starting point of your in-person traveling in USA because many properties in Midwest meet the 1% rule: the total monthly rent is at least 1% of total purchase price + total rehab price. Google street view does not tell the whole picture of a neighborhood, so please refer to researching online all the safety maps, population demographics, median income, median sales, and all the info about a neighborhood.

    Please read David Greene's book Long distance investing and then come back to this forum for more questions.

    0Reply
  • Lake Lutes
    Real Estate Agent · Fort Walton Beach, FL · Member since 2018 · 144 posts · 114 votes
    6y

    @Michael Ohara I am also located on Oahu and have been deciding between different out of state markets. Would love to hear more about how you chose Ohio and what your property management company offers you to make you feel good about an investment so far. Shoots!

    3Reply
  • Kendal Lamb
    Real Estate Agent · Kalispell, MT · Member since 2020 · 129 posts · 80 votes
    6y

    We are looking to invest 4 hours from where we live and we plan to manage everything ourselves. Any further than that I would defiantly be paying someone to manage my properties for me. I would take great precautions making sure whoever you choose to partner with has the same mindset and goals you do for your properties. Good Luck!

    0Reply
  • Cheryl Vargas
    Rental Property Investor · Rohnert Park, CA · Member since 2014 · 307 posts · 160 votes
    6y

    @Jim Chuong

    What do you like about the Phoenix and Memphis markets?

    Thanks

    2Reply
  • Cheryl Vargas
    Rental Property Investor · Rohnert Park, CA · Member since 2014 · 307 posts · 160 votes
    6y

    @Susan Tan

    What do you like about Cincinnati, Cleveland and Columbus markets?

    Thanks

    2Reply
  • Bob Anthes
    Rental Property Investor · Port St Lucie, FL · Member since 2019 · 150 posts · 79 votes
    6y

    @Jasraj Singh. Build a team ( contractors, PM etc) where your looking to invest. Join the local REIA. Read there are many resources available on the subject. BP is a great place to start.

    1Reply
  • Dan Travieso
    Investor · Fayetteville, NC · Member since 2018 · 263 posts · 216 votes
    6y

    I own properties in different states and cities. First thing I did was find a real estate agent who works well with investors. BiggerPockets helped me find some and networking/ referrals also helped. Once I found an agent I was very specific with what I wanted, ie. type of neighborhoods, type of property, and what I wanted to do with it (rental). I then asked the agents for their recommendation for property managers and lenders. Basically I started building my team as the agents went to work. 

    I know some folks say that with today's technology a property manager isn't necessary. Perhaps I am old school but I want someone to have boots on the ground who will watch over my asset. Also, I believe customer service is key to reducing tenant turnover. It is hard to match face-to-face customer service from a long distance. In my opinion the property managers fee is worth it.

    3Reply
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