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Updated almost 6 years ago on . Most recent reply
OUT OF STATE INVESTORS: This question is for you
Good afternoon BP,
I am looking to purchase my first out of state investment property.
That being said, what are some mistakes that you did on your first out of state investment? And what did you learn from those mistakes?
One of the obstacles for me is knowing how much money I will need to put into the rehab project based on just pictures from zillow or realtor.
Does anyone know how to overcome that obstacle?
Any guidance would be greatly appreciated.
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#3 General Real Estate Investing Contributor
- Rental Property Investor
- SE Michigan
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#3 General Real Estate Investing Contributor
- Rental Property Investor
- SE Michigan
Daniel:
If you are a newbie, I'd try to avoid big rehab projects, particularly long-distance ones. Consider starting with something simpler like a turn-key rental. Once you start to learn more, increase the degree of difficulty.
If you really want to jump into the deeper waters, spend some time building a team. Travel to the market, meet people, and build a strong group of vendors.
If you are green with a thorny project and no team you are going to get killed. We'd rather that not happen!
Good luck.