Out of state investing - Milwaukie, WI

[Jason Rucker]

My name is Jason Rucker and I am a RE investor from the Portland, OR area. Due to the high price of property in my area, I think I need to look outside of my local area. I am interested in building a buy-and-hold property portfolio in the Milwuakie, WI area, or maybe other potential out-of-state locations. Can anyone familiar with the Milwaukie area tell me how the buy process works for out of state investors? Are title attorneys used or title companies for closings? Are real estate agents necessary? If anyone knows of any small community banks/portfolio lenders in the area I would be interested in talking with them as well. I would really like to start building an investment team in this area. Any help that you can provide would be greatly appreciated.

[Ramon Jenkins]

Now I’m only going over the Buy hold process :

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

a.) property manager and new owner put a game plan together.

b.) Work with contractors ( permits, occupancy, and etc )

c.) New door locks for front and rear entrance.

d.) Place a key lock pad on front or rear entrance.

     (trust worthy contractor access to property)

e.) Work with your boots on ground on a budget and repair schedule.

f.) Start work asap on new property.

g.) Order a dumpster ASAP.

i.) Complete rehab and final touches to property.

j.) boots on ground / property manager start advertising rental property.

k.) Schedule open house for property viewing versus individual showing.

     (I learn this the hard way)

l.) Make sure potential tenants can afford and meet your requirements for rental.

m.)  run background and credit check on potential tenant.

n.) Property manager or boot on the ground create lease and

     need rental agreements. I would suggest having an attorney review

     agreements, but is not required.

o.) New potential tenants signs documents.

p.) Landlord approvals tenant.

q.) Receive security deposits and first month rent from tenant.

r.) Most real estate brokerage requires first month rent for locating tenants, fyi.

s.) Now you are a super-landlord

t.) Collect monthly checks via on-line, tenant deposit rent into a local bank, and etc.

u.) rinse and repeat

I personally prefer online rent deposits.

I most likely miss a step or two, fyi