Re: Buying/selling properties out of State-anyone done this? Advice? - Posted by Dick Schmidt
Posted by Dick Schmidt on June 17, 1999 at 23:20:32:
Buying properties out of state is no trick at all. You just make offers on HUD, VA, forclosures or FSBO properties just like you would at home. The trick is keeping them after you get them. Property management is always a problem. What I have done (I own in CA, Fla, Texas and Hawaii) is find a local investment group that specializes in out of state deals and thus has some clout with agents and managers. If one guy is unhappy, who cares, but if 50 or 75 people threaten to walk, most managers will sit up and listen. If you can’t find a group, (I live in SoCal) then you will really need to do some research on finding good property management that will still leave you a positive cash flow. Good luck.