Hey BP quick question for all you been-there-done-that-ers: I have small amount of money saved up and I'm trying to jump into real estate investing with OPM. I'm moving back home to California, so my question is two fold.
1) how hard is it to get started investing in out of state properties and what are some
resources you could point me to?
2) if I find local properties what are some major costs with the purchasing process and has anyone done pre-auction or direct to seller home purchasing?
There seems to be so many angles and advice but not sure where to start. I've heard so many success stories of people who just borrowed from friends and family and started getting enough properties to flip, cash flow, or refurb full time. I've read a dozen books but I'm looking for pragmatic advice.
Thanks in advance!!
Real Estate Agent · Rock Hill, SC · Member since 2015 · 189 posts · 53 votes
10y
I am going to echo James there and just add to or expand on it a little more from my prosprctive. I am stationed in HI, there are quite a few folks who I go to meet ups with who are investing in mainland markets for the most part. Median price point for homes here are 700k. So I don't fault them when they can get homes in Alabama or Kansas for the cost of a car or less depending on the deal. So point one know your market and your strategy.
Also have a good team in your ideal market. No matter what kind of investing you are going to do you need a team. Know how to manage long distance, in this case. There are pros and cons if you think about it, but bottom line is trust the people you have as a part of your team.
Then of course have a process/strategy that works noat yet your deal. Remember there are different ways to be creative on your deals which can stretch your budget out farther.
Anyway alot of this I learned here in BP and have been applying them and have felt like the info and advice here has really benefited me. So read the blogs and books and ask questions, connect with folks and soon you will be amazed.