when investing in reo’s in other states, what types of precautions does anyone take/recommend?
I think the biggest problem is you can’t physically see them unless you travel. The phrase buyer beware comes to mind. It comes down to how much you trust your team in that other state.
I don’t have another team in any state. I’m going to hire a prop mgt co.
Which will bring me to my nxt post
How to identify a good prop mgt co. in another state.
TMcG
Tom, we need to talk!
There are plenty of deals right where you are, no matter where that is. There is no need to do deals in other states.
Don’t put blind trust in anyone. It is your money, your credit on the line. It may seem easy just to let other people do all the work, but it your duty to yourself to do your due dilagence and you cannot do that out of state.
Owning investment real estate is a lot of work, it is not easy, and there is a lot at risk. Shortcuts will only hurt you.
Jan