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Updated about 8 years ago,
Investing Out of State? I'd Love Your Help
I don't live in KC but I invest there and have done so for years. At times, even from other countries let alone states. Because I'll most likely buy in certain areas in the future without ever seeing the house or street I've been working on a map of certain areas to assist me. By driving for hours on end and street by street I rank each square of my map on a scale of 1-10. I do this so I can remember the exact vibe for the street in case a deal comes up there in the future and I'm out of the country. I'm trying to "hack" the local knowledge edge! ;)
The 1-10 scale isn't my perceived investability or even the A, B, C ranking we all know well. It's more of the areas desirability from the stand point of a potential renter or owner occupant. In short, its my opinion of the street's "pride of ownership" expressed through a number. I tried not to focus on the age of the homes or size but more things like (but not limited to):
1. how well exterior of homes were maintained
2. how well was the yard kept. any trash, leaves, broken down cars?
3. how did the driveways look. overall curb appeal
4. is it a street a family would feel safe. let their kids play etc.
I'm sure most of you know what I'm talking about.
So my question, to everyone who invests in out of state markets or has considered it in the past, is do you think this is overkill or do you think it'd be helpful in actually making good decisions? Is it information you'd personally use? I'll include a pic of the actual map I'm making, it covers about a 2 X 1 mile area. It's done with a google map print out, clip board, pencil, ruler and some serious drive time! And I'm by no means an artist. C = commercial M = multifamily H = historic district. Thank you in advance for your feedback...