HI
I am based in California and see good cash flow opportunities in other states in midwest.
How can one remotely invest out of state?
How can one get a team going in the remote market for complete cycle of execution (procuring , rehad and rent out etc)
What are the various seminars one could take to invest uning your laptop?
I invest here in Chicago, where I live, and in NC, where I grew up.
Investing outside your market is made much easier when you have a good, trustworthy team in place to help you out and handle activities for you that you can’t because of location.
I work with an excellent, agent and lawyer in North Carolina that provide me everything I need. I’ve purchased several properties using my team that I have not personally seen.
To sum up, I think having people in place that you trust and also knowing something about the market you don’t live in but want to invest in, really helps.
If you are interested in investing here in Chicago or in North Carolina, I’d be happy to extend you some help. Good luck!
Herman
Herman A. Brunson, Jr.
HBInvestCo, Inc.
I am in SW Wisconsin if you need anyone in this area.
This is a great question That drove me nuts for quite some time.
as it stands now I have investments in CT, (My home state)
Fla ( I have close family) Ohio and NY where I have people I can trust
Here is what I think and do>
1)I do tons of reserch on the areas I am interested in Via the internet
You have to read about a million pages of trash along the way But watch for currant postings and such
I pull up all the local newpapers in the area I have interest and read jobs and rentals as well as crime pages and local news
I monitor sales in the area and watch for the auctions, paying special note to price and time of listing as well as re lists
I actually Fly or drive to the areas I have interest and do an eye ball demograph Per my thoughts on the area
this includes looking for new construction, types of cars people are driving, the amount and type of shopping in the area
How many differant banks are in the area and are they new or old banks
Hotels New or Old and cost per night
I usualy stay for 3-4 days and drive around looking at the towms near by and meeting with a few agents I have looked into before I go
I tend to prefer agents that also Hold Investments!!!
I view homes with those agents and get thier take on the home and try to feel out what they would do to it if they owned it
I ask them If I signed on could they rent it out and how long do they think it would take to find a good tenant.
as I already know what the rental base is from My internet work!
The list goes on But I think you get the point
By the way the trip is a business deduction> LOL
The long story short is>> If im going to sink my hard earned cash into a city I want to actually set my eyes on where its going to go
From that point I ususaly come home with a slew or cards and notes on the area and people I feel I can work with to make deals happen
Just My two cents
What part of California are you in? Much of California still doesn’t cash flow…but I am starting to see some areas that have depreciated a lot Sacramento, Kern County area, San Bernardino area, Palmdale, Lancaster, Desert Hot Springs,etc.
I wouldn’t totally rule out California if you haven’t looked into the lower priced areas. These are areas where homes sold for over 200,000 and they are now often asking 50,000 or less…
You also have to take into account cost of utilities in the part of the Midwest you are looking in.