College Student Looking to Make First Investment

[Nick Kramer]

Hello,

I currently attend one of the federal service academies. As a result, I spend limited time at home and have little time to travel to potential markets or to check out houses. I and some of my peers have looked at getting a property nearby the school, as there are constantly servicemembers rotating in and out of the academy who need somewhere to live. I've also looked at some properties in other college towns and am considering looking at some around a military post in another part of the country. Also as one might expect, our pay makes it hard to get a rehab loan, or really any sort of loan but cosigning with parents might solve that. I also have a good amount saved up for a modest down payment and might go in in a partnership with one of my peers.

I've listened to a few BP podcasts and have heard people buy into markets that were a ways away from their personal home, even across the country. But even in those cases, they recommended being able to travel to build relationships and getting to actually put "boots on the ground". Does anyone have any advice for anything that might help in this situation? Any tips for getting into a market I don't live in close proximity to and can't necessarily visit on a regular basis?

[Patrick Drury]

@Nick Kramer 

As long as you have your core 4 as David Greene calls it Realtor, Lender, PM, and contractor. If you have a team of core 4 it will make investing out-of-state possible. If you are investing out-of-state and you want to take a look around the city before you buy that's not a bad idea, but basing it on you have to be x amount of hrs away is pointless. The whole point of investing out-of-state is to get returns that you can't get where you live because prices are too high so go somewhere cheaper with better returns. As for the location, I would recommend the Midwest more specifically Columbus OH.