Updated 7 days ago on . Most recent reply
Ohio real estate
#1 Out of State Investing Contributor
Recently getting started in the real estate investing world. What are thoughts on first property being out of state like 8hrs away. If you learn the area and find real great deals and have a hunch on what might be a up and coming area. Even if your first is more risky isn't it worth it!!
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#2 Starting Out Contributor
- Flipper/Rehabber
- Pittsburgh
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#2 Starting Out Contributor
- Flipper/Rehabber
- Pittsburgh
Short answer - no.
Longer answer - it depends, but... almost definitely no.
A lot of new investors have done exactly this, gotten absolutely crushed because they bought the wrong property or in the wrong area, and had to spend tons of money to fix it, or sell.
You just can't be hands-on and take extreme ownership when you're that far away.
So - is losing tens of thousands of dollars "worth it" to... what, have "done a deal?"
No.
Can you start with a house hack? Or start closer to where you live? The market is unforgiving right now and this whole mindset of "just start" doesn't make sense. You want to start working out? Great, join a gym and "just start." You want to invest? No, don't "just start" by going on Zillow and spending tens of thousands of dollars to buy a random property. Everyone else on that transaction will get paid and you will lose money.
Hope this helps!