My partner and myself have been trying to do out of state investments for the past couple of months. We have a realtor/friend managing our rehabs and its getting to be kind of difficult for him since he has a full time job and is a single parent with three kids. So we’ve come to another idea by adding another player to the team, this person will be the eyes and ears for us, since we’re located out of state we need someone to visit these properties and locate the contractors for the rehabs. Not sure how that will go, but we were wondering if others invest out of their area and how they handle and manage that. We’ve been getting some good leads from Indianapolis, and some are so good we dont want to let them go or assign them out. But we’re not sure how to manage these from across the country. Should we try to parnter up with a realtor, or another REI, or a contractor? Any suggestions would help, thanks in advance!
The only way I would break into an out of state market is by having one, preferably two trusted sets of eyes and ears there on the ground. Currently, my closest acquisition is over 600 miles away; but I know it’s in good shape. I highly recommend leveraging time and minimizing hassle by having a full partner on the ground. It works well for me.
Good luck,
Dave