Investing in long term rentals out of state

[Aruna Abdool]

Hi. I'm in NY, which is not a landlord-friendly state, so I'd l like to invest out of state. What have you encountered investing in a state other than the one you reside in? How did you work to establish trust with the team on the ground?

[Andrew Bosco]

In this situation, the only different parameter when investing out-of-state or different location comes down to having a reliable / trustworthy PM/Contractors/Trades etc. Do you care if you cash flow in the same state that's 10 minutes away vs. 1000 miles away if you have a trusted team? In my experience, getting that trusted team comes from getting the work done and meeting people. Do some due diligence on local PMs and ask your specific criteria of concern. I would advise to start this locally (even a state away) first and get your hands dirty.