First out of state purchase

[Pam Wils]

I have a house with tenants in another state that came across my path.  I have never purchased real estate before.  A little scared but I have to start looking in an area I can afford.  I need advice on what to look for and ask for so I know it is a good deal or not.

[Joshua Janus]

Quote from @Pam Wils:

I have a house with tenants in another state that came across my path.  I have never purchased real estate before.  A little scared but I have to start looking in an area I can afford.  I need advice on what to look for and ask for so I know it is a good deal or not.

I would advise finding an investor friendly realtor. You really want someone that invests in their market themselves and understands the numbers. They should be able to determine the COC, annualized return, estimated ARV of a BRRRR, accurate rent comps and more. The valuation and market value of a multi family property differs from a single family and you want someone that understands the distinctions if you go that route. If they just represent first time single family home buyers and aren't constantly finding off market properties and reviewing deals, you'll find a better investment through someone else.

https://www.kiavi.com/blog/out-of-state-real-estate-investing

https://learn.roofstock.com/blog/out-of-state-real-estate-investing

I choose to invest in Cleveland and Columbus, Ohio. Cleveland is ideal for lower priced multi family properties with soaring cash flow. Columbus is a top five appreciating city in the US with an unexpected mix of cash flow which is backed up by a population and job growth. Breaking the One Percent Rule isn’t uncommon in either of these areas and can be applied as a baseline in situations where immense appreciation isn’t expected in B-C class neighborhoods. Whatever market you choose to put your money in, spend the time to learn it.