Buying a property in another state

[Florence Lecuyer]

Hi,

For those of you who have bought a property in another state than your residency, can you share your feedback on how you proceed, how did you find a good real state agent and property manager, what are the mistakes I should avoid... 

I am new in real Estate, and I want to make an investment as "buy and hold" probably for multifamily, in a place with a good ROI. I don't want to flip houses, just get good tenants.

Thanks 
Florence 

[David Faulkner]

The mistakes you should avoid is buying property in another state. You are surrounded by great opportunities with fantastic ROI in your own backyard ... why on earth would you go out of state to a market you know nothing about, because some turnkey marketer told you it would be a great investment, thousands of miles away where you'd need to hop on a plane to even see the place, where you are 100% dependent on providers you don't know who may or may not have your best interests at heart to make the investment work, paying retail (or more) for the property, and expecting great financially responsible tenants that would willingly choose to rent your place instead of purchasing their own place for less money?!? Doesn't sound like a winning strategy to me. I've owned both out of state and in state for 15 years; I don't do out of state any more but kept everything in state, so I speak from personal experience and have nothing to sell you either way. Good luck to you whichever path you choose.