Out of state investors - how did you get started?

[Kimberly T.]

I have to say, this site is amazing, and I'm in total information overload right now trying to absorb it all!

I'm curious, for those of you who own investments in other areas/regions/states, how did you get started? What prompted you to buy in another area? Were you already familiar with that area (previously lived there, etc.)? If not, what did you do to learn about the area? Did you reach out much to PMs, brokers, etc. before making offers, or after? What kind(s) of property(ies) did you buy? Any lessons learned?

The reason I ask is, my husband and I currently own a triplex locally which we manage, and 2 fourplexes in AZ for which we have a PM, and I'm now considering perhaps branching out farther, maybe larger multifamily (5+ units) as well. Considering getting into commercial (non-residential) in the future too. Just looking to hear others' experiences, any feedback on the process.

[Account Closed]

@Ali Boone really your first purchase was out of the country? yikes. How did that go for you?

As to investing out of state it comes down to a person thing. For me I only invested where I have people I trust fully and completely both with Real Estate and in other aspects of life.

As to making the decision for out of state investing, I get why people in expensive markets like LA or most of California feel the need to get out of state. for me, it had to be a huge investment with a killer return, as where I am at, there are plenty of options within a quick drive.

So, I guess I ask people what they are after? A ROI? Turnkey? Handsoff? DO they want to buy property and hope to build equity over a long haul? Are they more up for being a private lender and just earning a steady return?