Author Topic: Out of State Multifamily Investing  (Read 398 times)

hgjjgkj

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Out of State Multifamily Investing
« on: November 10, 2020, 10:11:13 AM »
Was wondering if anyone here has had any success as an out of state landlord? I have had some success in identifying properties that look attractive to buy,  but my biggest challenge has been finding agents comfortable or knowledgeable about 1) Multifamily and 2) working with out of state investors.

I am sure this challenge will extend to building out the rest of the team such as lawyers and property managers. Just wondering if anyone has any success stories or advice to share

waltworks

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Re: Out of State Multifamily Investing
« Reply #1 on: November 10, 2020, 02:29:09 PM »
I have done stuff out of state and I find your "challenge" finding an agent a bit bizarre. Agents generally love investor clients.

Your biggest task is to find a good property manager (and of course a good property). The other stuff is pretty easy in most cases (why do you want a lawyer?)

-W

hgjjgkj

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Re: Out of State Multifamily Investing
« Reply #2 on: November 10, 2020, 02:58:31 PM »
So far the ones I have found just have not given a realistic evaluation of properties I have called on (saying things are perfect when it is clear that they are not just from limited pictures, not well versed in the details of the property, etc)

waltworks

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Re: Out of State Multifamily Investing
« Reply #3 on: November 10, 2020, 03:06:01 PM »
Oh, wait, you're not going to actually go look at these places in person?

If that's the case you are going to have to physically go there and meet agents and walk around with them until you find one you trust.

If you want someone else to evaluate the properties, you're at the stage of hands-off-ness where I'd personally just suggest an REIT. RE is a great place to make money by being smart and working to find deals. If you can't or won't put in some up front work, it's a great way to lose money.

-W

sammybiker

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Re: Out of State Multifamily Investing
« Reply #4 on: November 10, 2020, 04:49:15 PM »
@hgjjgkj

-Was wondering if anyone here has had any success as an out of state landlord?  Yes.  Out of state and out of country.

-  I have had some success in identifying properties that look attractive to buy,  but my biggest challenge has been finding agents comfortable or knowledgeable about 1) Multifamily and 2) working with out of state investors.  Understandable.  What states/locations are you looking into?

- I am sure this challenge will extend to building out the rest of the team such as lawyers and property managers. Just wondering if anyone has any success stories or advice to share  Not that hard but it can take some time to iron everything out

Air travel is cheap right now - I would recommend picking 2-3 cities you're interested in, network on biggerpockets with investors in the area and do a little tour, two days in every city and see what you like, what makes sense and who you network with/who you get along with.  Walk the properties, meet with the property managers, meet with other investors