Newbie Question: Fixer upper from a Distance

[Rachel Mellies]

Hello!

My husband and I are about to dive into real estate investing. We are from Utah which currently is insanely expensive so we are looking to invest in the mid west and get a PM company.

Is getting a fixer upper and relying on the PM company to get contractors and source it out a good plan? Provided the PM company is good of course. Or is it better to just get properties that don’t need work since we won’t be there to over see projects? A slight fixer upper sounds great but I’m not sure if it’s smart to trust others to fix it up for you. Anyone have experience doing this? 

[William Hochstedler]

For a solid investment strategy you should have a good knowledge of 2 of these 3 things:

   --Partners

   --Market

   --Asset Class

So I would suggest that getting started in an industry in an unknown market without serious trusted connections is a recipe for failure.