Lessons learned from out of state investing

General Real Estate Investing
1

Hi,
Wanted to know peoples’ lessons learned from out of state investing(both good and bad)?

thanks,
Joseph

2

3 Lessons Learned:

  1. Don’t do it.
  2. Do it, and die.
  3. Learn from lessons 1 and 2.
3

I would avoid it until you get a team in place to assist you with your out of state properties but it’s possible. There is enough online tools, websites, and VA to help you achieve success regardless.

Best of luck

4

You need a team of local contacts to take care of things in your absence. Hire property managers.

Also, take advantage of technology. The use of technology has made the real estate business as easy as it has ever been. If you aren’t up to speed with any new advances, you should get caught up before you invest out of state. Between Skype, video property tours and electronic documentation, taking advantage of the technology available can completely change how you invest.

5

I used to buy out of state when I lived in Australia. I wrote an article about my experience if you are interested https://hipages.com.au/article/buying_managing_properties_out_of_state

David Greens book on it is very good. I think you should consider this option as opposed to defaulting to your home market.