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.
Absolutely agree! I read David Greene's Book and it totally supported ideas I had and given me the added knowledge and confidence I needed to make my first, long distance (2 hour drive away) investment! You can find it on Amazon. Originally posted by @Asim Sheikh:
@Jasraj Singh - I recommend the book on "Long Distance Investing" by David Greene.
@Jasraj Singh I self manage 26 doors all of which are nowhere near where I “live” I’m not even sure where I live lol. Nothing to it. I also have a day job.
that's great! what kind of properties do you own?
Lots of kinds. Short term long term single family small multi. 4 different markets. All self managed with a day job and a family. 26 doors
Excellent! but seriously how can you self manage 26 doors without a manager!
@Brian G. I invest in several states as I've explored the new markets over the years and I've built up teams. Some have been home runs, some I've moved on from. 1 reason is finding the right market and team to maximize my profits and returns. If that could be done by just doing research this investing thing would be a snap. Some take some tweaking over time in areas and team members. 2 another reason is I invest in markets where I like to visit or have families. It allows some tax saving strategies that can include bonus's including time with family or vacations.
It's unique to everyone, but it's been a fun and profitable adventure for me.
@Anthony Liguori Great question. We started by looking at population size between 50 Dash 200,000 people. We then looked to see if there were any macro economical drivers for success in the market such as a college or large industry. Then, we superficially looked at home prices on the MLS and cross-reference them with rental properties prices. If the ratio was good (1%, 2% or whatever you like). We then began contacting people in different markets and settled on a smaller town in the Southeast.
@Kim Anderson is there a story behind investing in 5 different states? To Diversify? Military family?
Diversification is definitely a factor, but to be honest, we were trying different markets out not knowing if we would remain. Our thought also is if one market has an unusual shift for some reason, all of our eggs are not in that basket. Being long distance you are long distance from all of them so it really doesn't matter. I hope that answered your question.
@Anthony Liguori Great question. We started by looking at population size between 50 Dash 200,000 people. We then looked to see if there were any macro economical drivers for success in the market such as a college or large industry. Then, we superficially looked at home prices on the MLS and cross-reference them with rental properties prices. If the ratio was good (1%, 2% or whatever you like). We then began contacting people in different markets and settled on a smaller town in the Southeast.
yes I been running numbers and searching for a few days now Just reading forums and looking up diffrent towns people have mention .. what town in the south East ? I heard Midwest is high target for out of state investors
@Brian G. I invest in several states as I've explored the new markets over the years and I've built up teams. Some have been home runs, some I've moved on from. 1 reason is finding the right market and team to maximize my profits and returns. If that could be done by just doing research this investing thing would be a snap. Some take some tweaking over time in areas and team members. 2 another reason is I invest in markets where I like to visit or have families. It allows some tax saving strategies that can include bonus's including time with family or vacations.
It's unique to everyone, but it's been a fun and profitable adventure for me.
This is well said and basically how I approach. As Andrea noted, research only goes so far. It is more about the team members in place for us.
@Jasraj Singh I’m curious as to why they invested in Texas. I own a duplex in CA and a wow house in AZ. I would like to purchase another investment property and am curious as to why They invested in Texas? All information is appreciated. TIA
@Jasraj Singh Yes, I do this but I also have a lot of reliable people and family to ensure my investments go smoothly. Our flip closes in 10 days, total in 111,000 and selling for 202,500.
Great advice and kudos to you for investing successfully from so far away. I'm an investor from Canada and looking to get in the American market next. How have you secured financing the states? I'm finding this to be my big hurdle at the moment. While I have amzing credit in Canada, I am a big zero in the US because I don't have an American social insurance # and no credit history. How have you overcome this? Any advice or insight would be greatly appreciated.
Cheers
Hey Jeff, thanks.
I have never financed property in the US (yet). My LLC (G4F Investments) basically helps Brazilian investors to buy real estate there. So we are using private money so far. I spent the past 2 and a half years building my credit score (Do you have a credit card in the US?). I also have my ITIN. Last time I was in Texas I talk to a bank manager and she told me I could get pretty good fees if I wanted to finance real estate or car (based on my FICO score). But I will know better when I try to get a loan.
I pretend to start looking for financing options once I have a better idea (and info) about how the lending market is going. There is still uncertainty and I don't need that for now.
My idea is to buy a property using a bank (or other financing option) in the 3rd or 4th quarter this year.
Sorry for not being able to give your better info.
Hi Kaitlyn. I've read the Long Distance Investing by David Greene book. Truly a great book. Have you narrowed down on which state and city you'd like to invest in for long-term rentals? If so, can you share some insights on your experience so far?
@Kim Anderson Hi Kim, I'm Janani and just starting out in long distance investing. 24 properties across 5 states in 3 years sounds like a remarkable achievement. Can you please share which states, cities and neighborhoods did you target and why?
@Andrea Weule Hello Andrea, I'm just starting out in long distance investing. Can you please share which states, cities and neighborhoods did you target for REI and why?