Long distance real estate investing

[Kevin Pfeil]

Hello BP nation,

So I am currently in the educational phase inching closer to the idea of buying my first property. I have listened to over a hundred bigger pocket's podcast (both the real estate one and real estate rookie), read both long distance real estate investing and the BRRRR book, and even made my own spreadsheet so I could analyze deals. I love the idea of the BRRRR strategy, however with my current job, I am never in one place for long. For instance I just came back from Japan for a 5 month work trip, and I am about to travel to San Diego for an 11 month work trip, and I currently live near Tacoma, WA (probably spend the least amount of time home between those two places). At this point I think my only option is to invest in long distance real estate if I want to join the real estate investing club. I don't want bite off more than I can chew with my first deal, so as of right now I think I should stick with just long distance real estate investing with the plan of doing some BRRRR deals down the road when I get more comfortable with owning some properties of my own.

So my question is, what were some of the things you all wish you knew, or glad you had the knowledge of, prior to doing your first long distance deal?

Bonus question, if you had around $80k to work with, how would you go about using it in this situation?

I know this was long winded, and very about me, however I do really appreciate people taking the time to read this and any responses.  

Cheers!

[Andrew Syrios]

I would say the big thing is to wipe your mind clean of assumptions that you have from the market you are in. Out of state deals will likely be cheaper than anything you've seen locally, but cheap doesn't mean good. Bad areas with bad management won't cash flow. Also, vet the team you are using carefully and don't be afraid to switch.