Out of state

General Real Estate Investing
1

Anyone doing wholesaling, sub2, forclosures or rehabbing outside their home state.

I am in SoCal and prices are crazy

Thanks for any and all replies

2

I’m in the middle of a wholesale deal in another state. The biggest obstacle is title. If you decide to do any wholesale deals - make sure you put an addendum to the contract that calls for owners title insurance. Wholesaling can be lucrative, if you deal with a reputable assignor who knows what they are doing. Also, if you don’t have a partner, name your dog as partner and sign the contracts subject to partners approval - wholesalers won’t like that, but it may buy you a day or so, enabling you to make more phone calls and see if someone in the area can check out the prospective property. Tell the wholesaler that your “partner” is a pain in the butt, but you really want the deal(s) to go through, yada, yada, yada. They might tell you no deal, but if they do, just move on.

Good Luck

3

OR, you could be honest, study your market and act like a professional.

Mike

4

I also live in San Diego and yes our market is dry for deals. I started purchasing wholesale deals in Indianapolis to rehab, rent and flip as cash flow deals to other investors or tenant buyers. It is really important to do you home work because you have to be sure of what you are getting. Once you find a market that looks good I suggest you join the local investors club and start asking questions online.

5

I was also from So-Cal. I just got my real estate license and want to do cash flow investment. But seems there’s no good deal for cash flow. I have couple question for the out state investment,

  1. How to find the out-state property? I know we can find a lot through the internet, but how can I tell if they are relliable?

2, Do you have to go there to check the property b4 the purchase? I was taught b4 that when you want to invest in an area, you must go there and stay for a while in order to know the market there well? Is it true?

  1. I found some deals in buffolo city,NY from ebay. It looks like good deals with great % return. Like a 15000-25000 property was rented at 400-500 per month. Is it too good to be true? Or maybe just because the crazy price in So cal make me think so.

I am a newbie so maybe my questions sounds innocent for most of you guys. But pls pls help me out. Thanks

6

I’ve always heard that you should NEVER invest in real estate that is beyond short driving distance.

Thoughts?

7

The general consensus here is “each to his own”. I don’t invest in properties out of my parish (Louisiana’s eqivalent of a county) but others here invest from ‘Hell-to-breakfast’…

Keith