All Forum Posts by: Uddipto Bose
Uddipto Bose has started 1 posts and replied 3 times.
Post: Curious about long-distance real estate investing
- Posts 3
- Votes 2
Quote from @Mike Paolucci:
Quote from @Uddipto Bose:
Hi! I am interested in purchasing my first rental property. I am located in NJ, but home prices are quite expensive nearby, so I have started to look at cities around the US that have cheaper prices, high population growth, and real estate markets that are appreciating. Some examples are Fort Worth, TX, and Charlotte, NC.
While these cities seem quite appealing, I am worried about purchasing a property far away that I cannot easily commute to. Do you think I should look at cities far away, especially for my first investment? Should I travel to these cities to look at houses in person, or would you recommend working fully with a PM or someone else to take care of this? What are some other pros and cons of long-distance investing?
I would love to hear your thoughts on this matter if you have prior experience with long-distance investing. Thank you!
Hi @Uddipto Bose. Welcome to BP! I'd recommend trying to invest locally or within a few hours of where you live. If you can house hack locally, that would be the best way to get started.
I had to start off with OOS investing because the San Francisco, Bay Area market didn't make sense at all for me to house hack or even buy as a pure investment. OOS investing can be scary, but there are steps you can take to help mitigate some of your fears.
1. Take a trip out to the area and do some exploring.
2. Connect with some local investors at meet ups and pick their brains. I've run into some great people at networking events who have really helped me get my bearings. You can also do that locally to where you live as well. I'm sure you'll run into plenty of investors there who're also investing OOS.
3. Connect with some property managers and get a lay of the land would be a great idea as well. As an OOS investor, I'd recommend letting them take care of the day to day operations for you. That way you won't be getting those 2am phone calls from angry tenants demanding repairs in 30 minutes.
Happy to share some experiences and mistakes I made as an OOS investor. Good luck with your investing journey.
Thanks for the tips, Mike! I believe that traveling in person to understand the area and having a reliable property manager in place will help mitigate many of my concerns.
Post: Curious about long-distance real estate investing
- Posts 3
- Votes 2
Thanks for the helpful links! I'll continue looking at nearby properties, and hopefully I'll find one that meets my criteria.
Post: Curious about long-distance real estate investing
- Posts 3
- Votes 2
Hi! I am interested in purchasing my first rental property. I am located in NJ, but home prices are quite expensive nearby, so I have started to look at cities around the US that have cheaper prices, high population growth, and real estate markets that are appreciating. Some examples are Fort Worth, TX, and Charlotte, NC.
While these cities seem quite appealing, I am worried about purchasing a property far away that I cannot easily commute to. Do you think I should look at cities far away, especially for my first investment? Should I travel to these cities to look at houses in person, or would you recommend working fully with a PM or someone else to take care of this? What are some other pros and cons of long-distance investing?
I would love to hear your thoughts on this matter if you have prior experience with long-distance investing. Thank you!