Out-Of-State Investing - What Is Your Process?

[Neel Jain]

As a noob, would be curious to know what is everyone's process to get to receiving that monthly rental check?

Here is my process I have thought out for now, please feel free to critique/provide improvements based on experience:

1. Learn through BiggerPockets, David Greene, Gary Keller -- I personally want to avoid getting too deep into this phase, get the basics and run with it
2. Create a system on analyzing a property - I have my own parameters that work for me and have put them on an excel sheet - I have what I call 'quantitative' and 'qualitative' tabs that give me a 300 degree view
3. Get pre-approved as I am learning
4. Next comes the Research phase (learning and researching are going together) - this is taking time.  I am first narrowing down on a few States, then get to counties, then to cities and then to neighborhoods - leaning a lot toward the South
5. Once I have narrowed down a few cities/neighborhoods, I will look for realtor agents in that area primarily through BiggerPockets
6. Idea is to identify a killer agent with whom there is a connection.  May fly down to meet if all looks good
7. Will leverage the killer agent's network to help setup the team of property managers and lenders on the ground
8. Close the deal
9. Have tenants
10. Keep tenants happy and stress free by providing spectacular services
11. Receive check!
12. Pay bills on time, build equity, invest profits
13. Repeat Steps 5 - 12 above

[Ali Boone]

Being a turnkey investor myself for out-of-state stuff, and therefore I don't have to do most of these steps (and don't want to), I have to say that your list looks pretty good! I actually really like it.

The only potential edit or question I have for it is on #10. Are you planning to landlord the property yourself if it's out-of-state? Or would you use a property manager? Major difference in those two options.