any tips for buying rentals outside of your area?

5 Replies

I'm considering spreading outside of the area's I know in search of some better deals.

Any things I should be looking at other than the obvious?

Do a search on BP for out of state turnkey properties and you will find several posts/recommendations/advice on the topic.

@Thomas Parrott make sure you understand the market you are getting into. Ensure you setup a team in the city in which you plan on buying the properties.

I live in Denver metro area and invest both here and in Phoenix area. It really helped having friends/family who live in the area who can recommend Agents, Maintenance people and even property managers. I originally hired a PM to manage two of my properties. This company said maintenance was being completed and charged/paid for however the work was not. I visit that area a few times a year and the property was vacant and all the items that were to be completed were not. Nonetheless, I moved on and am happier. Read blogs on BP on how to interview PM companies; and interview at least 5 or 6 - you may get a good gut feel for what they can and will do for you.

http://www.biggerpockets.com/search?utf8=%E2%9C%93&term=interview+property+managers

Remember it's your investment and if you want someone else to take care of it then you should actively manage them to ensure you are getting the service your tenants deserve.

Good luck,

Dave

Thank you for the responses, checking out now

Yes, don't do it.

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