Investing Out of State - First STR

[Alexis Andrach]

Hi everyone,
I'm living in Portland, Oregon where there are lots of restrictions on STRs and buying stand alone properties for STR purposes. I've been looking at neighboring cities in Washington that are more STR friendly, but struggling to find a property I can get a return for the price. In my area housing prices are far less adorable than what I've been researching in other states across country.

I'm wondering if anyone has any experience with setting up their first STR out of state? Is this a horrible idea? Should I just keep grinding and try to find something nearby?

Thank you in advance for your advice.

- Alexis

[Gordon Campfield]

Hi Alexis!

Investing out of state is actually a great idea.  The problem lies in being able to run a project/flip from a different location.  The reality that most in this space do not talk about is the fact that there is a shape learning curve and most people do not understand how time-consuming the process is.  Statistically, most flippers do one project and never try again.  

If you want to do an STR out of state, I would recommend using a company like ours. We are developers (JPC Real Estate Consulting), located in Tampa, FL. We have been in business since 2013 and have done 50+ projects in the last 3 years alone. We have 19 active projects around Greater Tampa.

In a nutshell, we could help by doing hard work for you. We would set up a phone consultation to find out exactly what you were looking for, including budget, risk tolerance, goals, etc. Then we would find a distressed property (ensuring it has the potential for substantial forced equity), connect you with an optimal lender, interview/vet contractors, handle project management, scheduling, payments, inspections...the list goes on. Once complete we have lenders who handle the refi. We even have people that stage and manage your STR so you can stay 100% passive.

In the end, if it is about making the most profit, using a company to manage the project is how you do it.