Posted by David Krulac on May 30, 2005 at 12:15:51:
I’ve owned property in 7 states. In general, Iwould not recommend for newbies. However, if you have a well thought out plan for buying, managing and exiting the investments and are doing it because you feel that there are bargains elsewhere, then MAYBE it would be a good idea. Often times as an outsider everything looks like a baragin. For example I went to Las Vegas on an real estate investment buying trip. Most of the people were from CA and thought that everything was a bargain because it was half priced compared to CA. That’s not the right comparision. Vegas property should be compared to other Vega sproperty to determine if its a bargain or not.
Hi, was wondering how to buy properties out of State. Has anyone had any good luck with this?
I am not sure on how to start looking for them other than loking in the newspaper for that area. thanks
I buy houses out of state and have been successful doing so. I have a website where I share free information about how to do it. It was originally setup for my friends and family, but so many people keep asking me how I did it that I decided to make the site public. You are welcome to all the free information you can get. I post new stuff there everyday: http://www.raysonproperties.com
I haven’t purchased out of state, but you might want to check this site out. It could be a decent place to start researching (sort of interesting). It’s pretty high level, but you can see how prices are doing in different parts of the country. You can also compare two areas on the same chart.
Heck, I’ll barely buy anything out of my immediate zip code, no way I’d buy out of state! I did own an out of state rental property for 23 years. However, my brother who was a part owner with me in some properties in my zip code and owned other rentals in our hometown kept his eye on it. Plus my employer paid to to go back there twice a year to check on my place. The day my brother said he was selling his rentals I told him to buy an extra FSBO sign for mine and got rid of it.
There’s a good reason why some investors actively market to “out of town” landlords, think about it!
This is not what you are asking, but a thought. Can you create a list of people who own property in Oh., but live out of state. The same as saying, market to out of state homeowners.