Out of Town Investments

[Steven Wertheim]

Hello-

I live in San Diego and I am a fairly new real estate investor.   I currently own a townhome in Atlanta, GA with a friend as my first investment property.  He lives in Atlanta and is able to take care of the property, etc.  

I am looking to invest in another property but the market in San Diego is out of my price range at the moment and does not cash flow.  What is the best way to look for investments out of town (State or City)?  I know I will need to hire someone to manage the property, but before I can even get to that stage, does anyone have any recommendations for finding out of town investments?

Thanks,

Steven

[Bruce May]

@Steven Wertheim when I started I only did out of state properties. Here's my suggestion, whether it's two hours away or two thousand miles. Find the area you want to invest in. Do all your research so you know median home prices, unemployment, major employers and so on. Then start working on a team that you can work with. Begin by calling and interviewing property managers, realtors, home inspectors, insurance agents; everyone necessary to be on your team. Do this until you find someone you are comfortable working with. Go the area and meet them in person and decide whom you want to work with and check out the city you want to invest in. This is going to be your foundation.

Once you have all of this get referrals from the property manager and the realtor on investment properties to buy and do your due diligence on one before you buy it. Bigger Pockets is a good way to find these people as well as Google. Realize that your first choice in some cases won't work out and you will have to find replacements for these professionals. The other thing I would do is go to a REIA meeting in the area where you want to invest and get some advice from those people living and working there. They might even have a property you can buy. Best of luck.