Is there a good way to find out of state investors, or is that even reasonable?
In Columbus, GA we have 30,000 new troops coming to Fort Benning from the Base Realignment and Closure, as well as a new KIA automobile plant being built 30 minutes away. I am assuming there is a lot of opportunity here and I am just new to REI.
I am thinking that investors might find this area interesting, but do not know how to find them.
I’m new to the forum but am very pleased to see so much activity here. Hopefully this will help point you in the right direction…
My partner and I are in California and for the time being are investing strictly outside of our state. We have had great success with craigslist (www.craigslist.org) as far as finding other investors in all areas, and deals as well. Also resources like www.reitoolbelt.com could prove very helpful. We also have found it extremely valuable to attend real estate investment club meetings in our area, as well as all the seminars and RE talks we can stand, because invariably we meet people from all different areas, and who also invest in all different areas. You also never know who someone else knows, and ultimately all of our deals have come about through SOME sort of networking.
Best to you in your investments. Sounds like there could be some definite opportunity!
Hello, I’m in Connecticut and would very much like to invest out of state, but I’m new to this and not quite sure how. A friend of mine recently returned from Iraq to Ft Benning and would be willing to be my eyes on the ground.
How can I help you Captaincowpie?
Johnathan, would you be willing to offer advice to us as to how this is usually done?
Thanks
I’ll certainly offer what I can and hope it helps! =)
It can be challenging for sure. Not being able to see what you’re contemplating investing in is very nerve wracking for many people. It takes some getting used to. With pre construction it’s even stranger, because there isn’t even a house to LOOK AT yet. So you need to get really good at doing remote due diligence & research (gotta love the internet!), or have someone you trust on the ground there to fill you in, or get used to traveling a LOT!
We did buy a rental property in Atlanta that we’ve never seen, but of COURSE had a home inspection done and had an agent who knew the area very well. We decided it was a smart buy and went ahead anyway, and it has been very smooth sailing (Section 8 tenant).
Our out of state investing has been TOTALLY dependent on the team we have put together in different areas, which was all a result of networking. Get to real estate club meetings & meet people, go online and meet people, call up agents in other states and see who you feel good about, etc.
Thanks for the great advice. I have been trying to find a REI club in Columbus, and the contact person I have has not called back as of yet. I am trying to find other clubs right now. I am also trying to put the word out to the people I know.
I am contemplating how to proceed next. I originally thought about doing the investing myself, but thought it may be better to Bird Dog for awhile. The biggest challenge is that I may be moving in 18 months and am not sure I want to be a landlord out of state once I move.
That brought up the idea of Bird Dogging for out of state invvestors knowing the growth this area should see in the next few years.
I am looking for some ideas on partnering with other investors. My original idea was to be a Bird Dog for those outside of this area. But I am open to any ideas that may work.
Early last year I was all set to start bird dogging for a local foreclosure investor in my market. But a bit of time with him showed it was a TON of work! hehe… what can I say, I want to be a LAZY investor! It also had costs that added up quickly, when gas was hitting $3 a gallon. Driving around to knock doors was going to get expensive, plus all the postage on mailings, postcard printing costs, etc. It just didn’t appeal to me, even though one deal here (San Francisco Bay Area) can yield a huge profit… many foreclosure hunters here do just 1 or 2 deals a year and that’s enough.
Anyway, I don’t consider myself a bird dog though certainly when I find things that are out of my league or reach, I pass them on to friends and investors I’ve gotten to know personally, just in case. I don’t look for a fee, I just want to help them succeed too. Besides, then they like me and will fund my deals.
The “Scratch my back when I’ve scratched yours…” approach really DOES work. If you work hard to make someone else a ton of money, chances are they’ll return the favor, at least this has usually proven true for me.