Looking to invest out of state.

[Peter Sheehy]

I want to start investing out of state and wanted to see how people evaluate markets.  My market is far too rich for my blood at the moment, but I want to be in decent markets and I'm not sure how to identify those.  Ive reviewed online, but id like to see how seasons vets review data. 

I'd also like any tips on building teams out of state. Ive built teams for large projects out of state, but this seems like a different animal. 

All advice, wisdom, and connections welcomed. 

Thanks all.

[Todd Wheatley]

Hey Peter,

Investing out of state can be great, it's how I got started for the same reason you mention. However, a word of caution is if price is the only reason you are looking to invest out of state you may want to rethink your strategy. While you may achieve your price point / cash flow goals, investing out of state introduces a number of new challenges. You MUST have a rockstar boots on the ground team in your market since you won't be living nearby, this can be difficult while you're getting started and don't have a large portfolio. If something goes wrong with the house, your tenant, or your team you might be a plane flight away from being able to address the problem yourself which requires substantial time and money.

Not trying to turn you away from investing out of state, it can be GREAT if done correctly. But as someone who has sold his out of state portfolio in favor of investing locally and working with MANY other people that have done the same I just wanted to share the experience.

Give me a shout if you want to chat more. Best of luck with your investing!

-Todd