How do I start long distant investing?

[Matthew Powell]

My wife and I want to buy another rental within the next 90 days! We are finding that the best deals out there are 2500 miles away from where we live. This makes us nervous. Do we find a deal that looks good on paper... make an offer... then if accepted fly out and take a look at it from there? What’s the best way to go about this? How do we know who the best people to work with are? I know this a very broad question. We just have no idea where to begin on a place so far away. 

[Caleb Heimsoth]

Matthew Powell alright so I have successfully done this in two different markets (Cleveland and Memphis) in the last year or so.

1. Network on BP to find agents, PMs contractors, lenders, etc. make sure they specialize in out of town investors

2. Get on an airplane and go visit and meet them

3. Look at properties, look at more properties and analyze

4. Buy something

5. Profit.

Now this is the simplified version but it’s basically what I did. Now also make sure you educate yourself first. At 12 posts you’re likely new, so read forums, blogs listen to podcasts. I listened to over 200 podcasts before my first rental

My first property was through a turnkey company and my second wasn’t. I think turnkey can be a good way to start but make sure they allow you the ability to do both (meaning they’ll manage properties that you don’t buy through them).