Buying property in another state

[Matthew Mason]

Living in Louisiana. Thinking of buying rental property for a relative who will be working and living in Alaska for the next two years. Thoughts?

[Hamish Odiean Jr]

I did the same a 2 years ago. I live in NY and purchased a property in Miami, FL. 

My suggestion would be to link with a REALTOR that's willing to partner with you to do the bulk of the leg work; this person may not be easy to find but when found, they're invaluable. My Realtor had the MLS send me properties that fit my criteria, and I would give him the green light on the ones I was interested in. He would go and take a look at it and give me his opinion on the quality. If he liked it, he would take pics and send to me. If I was still interested he would submit an offer for me. We were in such sync by the end that he would submit offers for me before I even saw it.

I would also suggest that, if possible, take a trip out there to check out the areas. Have your Realtor take you around. You can read as much as you want, but there's nothing like seeing the areas for yourself.

In the end it will take some patience, but you could end up with a solid investment. But, you must do your research and work with someone in the area who would guide you diligently.

Good luck