Out of State Investing Advice
Hi Everyone,
Its been a while sent I last posted anything. I have been focused on educating myself more, making connections, finding others interested in the same goals, etc. My wife and I have been trying for 2 yrs now to get our “foot in the door” in investing. We have recently come into some great opportunities to do so via Sub to and maybe even possibly doing just a wholesale deal.
The wholesale deal is the area I need some advice as it is Out of State. We have a friend who is looking to get out of owning his hotel in Kansas. I have researched the area where it is located and it has a lot of potential. However, given the current market with rates and commercial financing tightening requirements I don’t quite know what would be my best option. I will give some details as to general location. I already made the mistake once of giving the actual address of a potential property in the past only for it to be swiped from my grasp. Lesson learned.
Its in Kansas. Great driving distance to the NFL stadium, close to many recreational parks and other attractions. Its off market as my friend hasn’t listed it as of yet. So how can I find a potential buyer or possibly a potential partner being that I am not a known player in this game yet? Would it be a bad deal to seek as a first investment? I don’t have much insight to the local market in Kansas either so any input on this is greatly appreciated?
Sincerely
D. Danley