Investing in another city/state

[Dyanne C.]

I am interested in hearing from others how they started to invest in other cities/states. Who does your walk through? Do you have to hop on a plane for every closing? It seems like something that would be very difficult to do through just phone calls and emails but it seems like many people have managed to pull it off with the assistance of local PMs and contractors that can do repairs.

I live in Miami and I am interested in investing in Jacksonville, so worse case scenario if I need to be present at the property for anything it'll be a 5 hour drive.

Thanks!

[Larry Fried]

@Dyanne C.

I have several investments in Jacksonville, but I live in Oregon.  So quite some distance.  All my investments in JAX were done via a turnkey company.  For the first one, they flew me out, put me up in a beach hotel, and provided me with a car.  I got to know the properties - both new builds and renovations that they do, and the neighborhoods.  I selected my first property from that tour - it was actually a lot with new construction home to be built on it.  In short I got to know the company and what they offered really well, and when the property performed, I bought more properties from them sight unseen, but knowing the work they do, and the service they provide.  It is all about building trust and confidence, so I didn't have to make the long, time consuming and expensive journey repeatedly.