Hello to all,
I live in the western new york area. I don’t think that the housing market here is too great. I was just wondering is there anyone that live in one state and invest in another. If so, can you breifly explain how you manage to work that out seeing that you live in another state. Another question, I have read forums that says that when you find a deal that you have to get it under contract. When putting a property under contract where would I find the contracts or do I have to make my own contract?
I invest in properties nationwide pretty often. In this day and age it is not at all difficult to do. You need a phone and an internet connection and you’re on your way.
To new investors, I strongly encourage them to invest in the area in which they live before branching out of state. You said that the housing market where you live isn’t great-that usually means it IS great to invest in. Again, if you’re new to REI, stay close to home while learning the business. As for your second question, to get a property under contract is a very generic term in REI, so what are you trying to accomplish? Buying and holding, wholesaling, or what?
I wouldnt mess around out of state until you have a good understanding of the basics or real estate investing. That learning process takes a few years and even with that you can still get burned.
When you say the market is not that great. I like saying a person is pretty. What does that mean? Let’s talk about what makes her pretty. Like she has long hair and long legs etc. What you need to say is that the house prices are falling or that the rents are lower than houses can be bought at etc. Think about the market in terms that cause problems. Then develop a plan to solve the problems. For example if the houses are not appreciating so it makes it hard to buy them fix and sell them at a profit, you may want to make your own appreciation by buy houses that are wrecked to get a bigger discount so that you can fix them up and then sell them for a profit etc.