Updated about 12 years ago on . Most recent reply
Out of State Purchase
Hello BP
I'm a new investor and love the information provided on this site. I'm serving in the military and am currently stationed in Hawaii. I have established a relationship with 2 Real-Estate Brokers in Brevard County FL who are investors as well. I’m trying to build my team. My question is how do you buy homes from out of state? How do a validate these brokers? Are there any legal or contract issues I should be concerned with. My strategy is to buy and hold SFH, with a $200 month CF target for homes between 0-75K. There are 2 properties I'm reviewing now, both have MTM tenants, since homes are for sale. This is a hasty analysis, which doesn’t include the cost associated with the down payment, which will be financed through a LOC. Rents are $650 for the 3/2 and $750 for the 4/2. Based on rentormeter.com both properties are below average rents by $150 per month. I asked the agent to go look at these homes and access the tenant. I plan on making an offer if things look okay. I’m offering 8% below the asking price that appears to be the trend for the area. I’m open to any advice on my first real-estate deal.