Rental Property Investor · Westchester County NY · Member since 2021 · 26 posts · 23 votes
Hello all, I'm looking to invest out of state, primarily smaller townhome/single family deals (to start). Do you travel to all your deals out of state or do you rely on a reputable real estate agent and home inspector to help with these deals? The most ideal situation would be to take a flight and visit everytime I want to make a deal but this becomes costly. Also buying a bad investment would become costly so im looking for some feedback and get ideas on how I can accomplish out of state investing?
Most people rely on a team and do not fly out of state. This is exactly why it is important to have a good team in place because of reasons like you mentioned. I suggest picking a few markets that fit your criteria and start to form a team in one of them. @Gerard Aliberti
@Gerard Aliberti in this market, deals go quick. I think most out of state investors would agree that it's essential to utilize other people's time and expertise, as opposed to flying out to every potential deal. Hence, this is why OOS investors talk about the importance of developing your core four (agent, pm, lender, contractor). Once a property is under contract, then it may make sense to view in person, otherwise, as you mentioned, it will be costly. Hope this helps!
@Michael Dumler. Thanks for the reply and it certainly helps to not have to book a flight everytime I want to make offers. I've been doing as you said with my network.
Most people rely on a team and do not fly out of state. This is exactly why it is important to have a good team in place because of reasons like you mentioned. I suggest picking a few markets that fit your criteria and start to form a team in one of them. @Gerard Aliberti
your situation is the perfect example about BP networking; find a colleague here on BP in the area you are interested in, most investors have more deals they are working on than they can manage at some point. Build the relationship.....offer the same in exchange.