Advice Needed: Buy and Hold Opp Out of State

[Kelly Kormos]

Hi BP-  Advice needed: I am reviewing 3 properties in another state for buy and hold. I do not know much about this area yet. A friend of mines parents have owned the properties since 1990. They are selling b/c her father passed away so I am trying to do as much research as I can and not put too much on her mom during this time. Can you all let me know:
1. What would you do to better learn the area, the rental market, the stability of the area, etc...to assess if buying property here a good idea...they are 7.5 hours away so want to do as much due diligence as I can before driving to see the homes and the area.  
2. Also, I have never worked with a property management company, so what questions would you ask them???

Thank you so much for your help! I wish these were local but don't want to miss an opportunity even if 7 hours away!   My local market not so good for finding good buy and holds right now...

Have a great day!!

[Andrew Johnson]

Kelly Kormos I’ll just roll out and say “bad idea”. I think the majority of out-of-state investors do so because their market doesn’t work. San Diego, San Francisco, Manhattan, etc. Those markets have either affordability issues as well as cash-flow issues. I know Nashville has gone bananas (in a good way) but odds are you know the desirability of suburbs, areas, etc. 1000% better than me or this area that you are looking at 7 hours away. Personally, it would have to be a CRAZY good deal for me to think: deal quality > area quality. I’m always a believer in finding a market to believe in and then looking for a solid deal on that market.

Or buy them :) What do I know 🤷🏻‍♂️