Where/How to invest? (Beginner)

[Eric McArthur]

Hello!

I am currently working out of the country and am looking to invest in short-term rentals. I am originally from California and go back for the summers. I have a lot more research and studying to do before jumping in however looking for a market to invest in is something that has been an issue for me. 

What are some general criteria to look at? Who to contact to work with? What to look out for? How does one manage properties and invest while not being there in person?

I am brand new to real estate so any advice would help.

Thank You!

[Carter Baker]

Hey Eric,

I would really recommend sitting down and writing out what you WOULD be doing if you were present and could do it all. From there you need to determine WHO can do that work instead of you while you're gone. Talk with local investors to see who they work with and interview them to see if they would be a good fit (contractors, property management, RE agent, etc.) I think your most important relationship would be a good realtor, because they will have all the other connections you need if they are good at what they do. If you can successfully systemize your first investment, you'll have a great blueprint for the future. 

California could be a great place to invest, for the right deal of course (it's the same for anywhere in reality). Use the bigger pockets calculator and crunch the numbers in 10 different markets for a property, something will work. Just do your research on markets really. There is no perfect formula for the question "should I start with single family or multifamily? commercial?" It will all depends on the deal that you find, and the OUTCOME you are able to produce from that deal. 

Also, read some books on investing out of state if that's what you want to do. The more educated you are, the better. If you don't have a local mentor, I would try to find one because they can make a WORLD of difference. 

Hope this helps!