Ive been wholesaling in georgia for some time now and am looking to expand. Although, i see other investors advertising that they buy homes in other states. Im curious to how they are able to secure a deal with a seller and buyer without having to be there in the state that the seller is calling from.
Does anyone have any experience doing deals in other states?
Thanks in Advance!
I have trouble doing deals out of my area, I cannot fathom how it could be done in other states (unless you live on the border).
Sorry, I’m no help.
PS I think others couldn’t help either is why you didn’t get an answer.
I just closed a deal out of state.
I am in KY and bought my primary in SC this week and a property to Rehab in SD. It is possible.
You have to think outside of the box. Its a lot more leg work and lot more research for comparables and checking more about the pricing of everything with more than one estimate.
Look up comparables, sold properties listed ones in area, agents top producers, school districts crime rates, length on market, average sale for city, county, state for a MLS, median income for family size to fill property, census rate for the population, contractors quotes by several, friends and family in area, last tenant if possible, neighbor if possible, tax records, who buys the most stuff at local hardware store, plumbing, home depot, tax incentives for rehabbing, grants available if applicable for age of home, historic association.
As long as you buy right and look deep enough into a deal you find what will be the selling points for it to meet the requirements to market it properly for a quicker sell.
Buy LOW sell HIGH.
These are just what I did and by no means anything no body doesnt already know.
This is my first deal and second with a third waiting in the works for seller to sign and complete also in another state which nets me a 100K at closing. So yes I have been learning from these boards and apreciate the help. This is day 47 for me learning without taking any courses so ANYTHING IS POSSIBLE if YOU put your mind to it.
I do transactions in multiple states and this can only be done by establishing a good team in each market area.
I teach my people how to evaulate each property, how to inspect it, how to research title and how to run the numbers for profit.
This takes time to establish you team and a few keys in this game is follows.
I use prepaid cells with local area codes in each market area
Research the laws and market of the subject area
Establish an attorney, realtor, and inspector relationship in the subject market area
Find bird dogs that can do all the legwork
I do not suggest an expansion project just because one can not find a deal in their local. If this is an issue one need to evaluate their techniques, re educate and try repeatedly until you can get a deal.
Are you doing so well in your local market and just need to expand or the opposite?