I am always tempted to buy when I am out of town. But the MOST IMPORTANT part of re investing is KNOWING your market area ! I would be very careful with my money and pick an area to educate yourself with, and learn the neighborhoods, their problems, and their assets. I personally think speculating in unknown territory is kinda like taking out the wall street journal, closing your eyes, and buying the stock that your finger points at ! Too many unknown variables for my money.
I am a newbie to making offers. Actually, I never made any offers yet. I live in California and I travel a lot. When I travel somewhere it is only for a very short time. 1-3 days only.
I have been reading an out of state newspaper I am wondering how does one make a offer to the owner in another state? If they never seen the property? If the property is any good? Don’t even know the area? Prices and rents of the homes in the area worth? Do you use an escrow company to send offers back and forth? Or Agents? I am mostly talking about FSBO. Would they respond Immediately, or take their time?
The ads I am reading seem like the seller want to sell badly. I am only being there for a very short time is not enough time to check everything out. I am pump up. I am wanting to do the deal, but do not know how to approach this matter. I feel that I would go in blindly, not knowing enough, or what to do.
Posted by JohnK(CA) on March 01, 1999 at 14:46:44:
Rob,
I would agree with Laurie, get to know your area and work it from a position of knowledge and strength.
Consider this, In my area you might be excited to find some fairly nice, newer homes for sale with good terms in a gated community no less. However, if you weren’t careful, you could end up over paying for the house, because the city is in the approval stage for a large complex of low income apartments that will be built next to this nice gated community. There go the property values. No wonder there are deals to be had.
Study your community then go get em!!
Good Luck
JohnK(CA)
