Can anyone comment on practical ways to find investment properties for rentals in other cities.
Wish there was a magical formula. There are many investment opportunities in LoopNet, Zillow, Realtor.com, and local public multiple listing service. If I were buying rentals in another state, I would stay away from single family and instead buy multi family. 16+ units. SFR’s are too hard to manage from afar and typically don’t offer a cap rate that makes sense for the out of town investor. If you still want to go the SFR route, look for a portfolio of homes for sale. At 15+ homes, a property manager takes your investment a lot more seriously. Know the area you are buying in. Go there spend a few days looking at deals. Oh, did I mention… know the area. Know the rents, local tenancy laws, new construction activity, property taxes, insurance rates, find out about large company layoffs and closures, know about proposed commercial projects nearby. You do this close to home right? It’s really not much different in another city.
Happy hunting.
What are you willing to do to find deals? That is the question you should ask yourself. Are you willing to cold call? if so, reach out to agents or get a list of addresses and use free resources for phone numbers.
Are you willing to commit some marketing money? Try mailing, Facebook marketing, or other.
Hi,
I think, online real estate portals like Zillow, Trulia, LoopNet, Realtor.com are best ways to find rental properties in different areas.
Thanks!!
Form relationships with property managers, local wholesalers, online marketing
Type a search for local wholesalers in the city town your looking for. Check the local clubs they may have a submission form on there sites that you can fill out for Free. In CT i just did a google search and got on every ones buyer list.
Do you have a certain marketif budget? Really gonna depend on if you can afford to market.
Define practical? Most “practical” ways of marketing are worthless because everyone can do it. You have to get creative. If you want to just buy in another area, use Zillow/Redfin/Etc. If you want to grow a business, you need to explore the methods that other businesses are not doing.
You have to do what others are not willing to do. Since HGTV & shows like it have showcased the “Hollywood Reality” of our business, we have had wholesalers, flippers, investors have popped up everywhere. Many will fail in this business. It’s not easy regardless of what the tv shows broadcast. This is a business and you have to operate it like one.
You have to separate yourself from the others in your market. In today’s market, investors like us are everywhere, however, showcasing why you are better and different from the rest of pack is critical for success.