Posted by Ed Garcia on December 02, 2001 at 13:08:25:
I’ve heard of this group or either a group similar. The reason I believe it’s the same group is because I remember the main individual was named Sandy. They were doing deals in Missouri.
Jennifer, The pit fall in this deal is, in using your example, taking investors from California to lets say Kansas City Missouri, where is actually where I heard of them. The buyers, who are accustomed to California values or numbers, thank that they died and went to heaven when they see Missouri prices. As a result, they pay close to market, thinking that they will be experiencing appreciation, which they enjoyed in California. It never happens.
I, as an out of state investor, do my due diligence and investigate the area that I invest in from more than one source. I recommend any investor who invests out of state do the same. You need to know the turf you invest in. I have had management companies handle my properties out of state and can assure you, that no one will have your best interest at hand as you do and management companies are no exception.