newbie considering starting out of state

[Cris Mullen]

Hey friends,

I live in Northern Virginia. I'm considering investing in Louisville, Kentucky.  It's just too expensive around these parts for me. My in-laws live in Louisville, so it's a natural place for me to consider. I am interested in primarily buy and hold. But I am also open to flips.  I've been on BP for a while now, reading the articles and listening to podcasts, and I'm anxious to get a deal going. Anyone have thoughts on starting out 500 miles away?

[Michael Hastings]

Hi @Cris Mullen,

I am in the same boat as you, and have been researching markets away from my home base for investments, as I live in Denver and the market here is priced high, and it is not easy as logging onto the MLS to spot potential deals for long term investing (there are deals here, but there is a lot of due diligence needed and contacts to find them).

I think that investing at a distance is fine, and there are many people on BP who do just that.  I have been spending a lot of time analyzing the areas I am interested in, speaking with local agents, investors, lenders and community leaders to become acquainted with the city.  I relied on Google Searches to find these people, you can do the same.  This will help you learn more.

Also, search for people on BP by location, and just send a PM to select people.  I don't think anyone would be unwilling to help, unless they are busy out buying real estate!

Good luck!