Out of state investing - Where to begin?

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We have properties in many states and most I have never visited. Couple pieces of advise...1- Do your homework now. Find 2-3 metropolitan areas that you really like. Then do your homework on what communities to look at and which to stay away from.2- If you are looking for rentals, talk to a few property managers and see what they say about your findings and get their two cents. If it's a flip, then talk to realtors and do the same.3- Look honestly about your financial situation and get ready to make bidS. It's scary, but that is what we are here for

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Out of state investing definitely has some major risks that accompany it. I know I'm in a similar boat and looking to possibly move out to Utah. The 3 things I must do that come to mind is - 1. Find a real estate agent or partner you trust and knows the area well2. Travel out there attend the REIA meeting to network and get a taste of what strategies are working in that area. 3. Start hitting craigslist and calling wholesalers who can add you to their buyers list (if you're rehabber like me ... actually did this today!) Wish you the best of luck!

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@Eric T.I do think that turnkey companies can provide a ton of value for some of the use cases you have. There are plenty of folks on the forums who are anti-turnkey, but you also want to evaluate it from several positions:1) You have a W2 job and don't plan to quit it to do full time real estate.2) You have no connections whatsoever in a marketplace that you like.3) You want to avoid the cost and time overhead of linking all the pieces together.Well oiled turnkey operations do make their money up front. However, a good one will also get most of the agonizing pieces in place for you: Management, finding tenants, finding property, even attorneys and LLC formation in the state is helpful. For a busy person, that's worth 2-3% off the top difference I would make if I had run the deal myself.Note: There are a ton of really bad operators. Be sure to get testimonials and go and visit the operation. If something looks and smells funny, it probably is. A flight and a Friday off work is a small price to pay for missing a bad down payment.

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Eric T- I would familiarize yourself with investors or realtors in the area you have an interest in and find them here on BP. Most will have a reputation either good or bad, so figure that out. I don't think the order you work your list in matters too much. You have to have all the pieces to complete the puzzle. I also suggest you find threads on the areas you like or by members that want to help you. Fullerton- Here is a fun fact about your city. I grew up at 917 w. Valley View drive and went to Sunny Hills high. By business where I made all my early money was at 2401 and 2451 E. Chapman ave. close to 57 Freeway. I owned the 2 buildings and had my office and held RE seminars there. I have some threads here on BP you might find fun and also discussed these buildings in my Book.Dallas, TX- Widen your midwest horizon. Dallas can't be beat for tons of reasons. I put my money where my mouth is , having just tied up 3 buildings consisting of 343 apartments. Great area.Good luck and e-mail if You need more input.Rich

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You may want to think about a partner in that knows the market, usually has all the above in place already, and is your boots on the ground.

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Yes to all you said,...and then some. If you are looking to invest in some other state, then you need to look there.

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Local banks may not like that you are not also local. You may want to look for a national lender that is familiar with you and your business that you can partner with repeatedly.

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Thanks everyone for the advice! Definitely starting to feel more comfortable about all of this. I'll look into finding potential partners/turnkey companies and explore my options.

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I am in the same position as you, out of state investor. One thing I did that was very important is to visit the location get to know the area, find other areas in that city that might be good investments. Otherwise you are really taking a shot in the dark and hoping that the people you are working with are stearing you straight.

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@Eric T. There are a couple of ways you can go. Identify a TK provider as @Trevor Ewensuggests that you can really trust - ie: do your due diligence, or you can partner with someone on the ground in the area you invest in. You bring all or most of the money, they bring the effort, management and experience. The TK route is probably the simplest, but the partner route can be very worthwhile as some here on BP have done. Finding the partner, ah now that's the biggest challenge.