INVESTING OUT OF STATE - Posted by Cassie

Real Estate Investing
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Posted by IZZY on August 04, 2003 at 16:30:33:

I am curious about this too. Why is owning the properties in every major US city an investment criteria.

Please explain. Perhaps there is something we need to lean from you. Thanks.

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INVESTING OUT OF STATE - Posted by Cassie

Posted by Cassie on August 03, 2003 at 12:26:23:

Hi, I have been investing for 17 years. I tend to like and only buy multi-family units (the larger the better) I have bought property across the country (US) but I have always lived where I bought and sold before I left. I need to step up my investments and my personal goal is to acquire and hold at least 1 larger multi-family in every major us city. Any advice on the easiest way to manage this up and comming profolio also any suggestions on finding these deals through the internet. My first thought is to hire on sight mom & pop managers for each site. Also should I use my current corporation for all states? Thanks to all and GOOD LUCK on your deals.

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Re: My thoughts - Posted by Alex F. (CA)

Posted by Alex F. (CA) on August 07, 2003 at 20:52:59:

I work for & invest with a guy here in California who owns 2,000 units throughout the nation. We have done our research and invest in about 5-8 cities. You do not need to invest everywhere. Diversification is good, but can also be bad when it comes to RE investing or other wise known as “diworsification”. My advice is to focus on cities based on the obvious criteria (employment, appreciation, vacancy, net migration, etc.), find good deals and invest there. He has done well just by investing in 5-7 cities. Finding good property management is the key.

BTW, he rolls each property under an LLC in California because that’s where we reside & conduct business.

Hope this helps,

Alex F. (CA)

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Re: INVESTING OUT OF STATE - Posted by ray@lcorn

Posted by ray@lcorn on August 04, 2003 at 10:57:05:

Cassie,

I’m curious as to your thinking… why one property in every major city?

ray

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Re: INVESTING OUT OF STATE - Posted by Don Dion

Posted by Don Dion on August 03, 2003 at 14:42:21:

There are several large companies doing just what your talking about. Here in the chicago area The International Village Group, Hall Development ect.
Then tend to manage from the corp office leaving only support staff on site, rental agents & accounting. For the first 2 to 4 months after a purchase they stay at the site then only come in once a quarter or when new personel are needed. The corp question is more one to ask a CPA or tax attorney. Good luck with your venture. Please feel free to contact me if I can be of any help.