Remote Investing for First time Buyer

[William Sullivan]

Hi BP Members!

I’m a first time buyer interested in making a remote investment. I live in the Boston, MA area, and I’m considering areas of the country with strong past performance:

https://www.biggerpockets.com/renewsblog/biggerpoc...

Although I'd love to invest close to home, I haven't seen many properties that meet my goals. I'd have to do FHA, and I'd feel over-leveraged at this price point.

I’m looking for advice, stories, tips, etc. on getting started in remote real estate, especially as a first time buyer.

Best, Will

[James Wise]

Originally posted by @William Sullivan:

Hi BP Members!

I’m a first time buyer interested in making a remote investment. I live in the Boston, MA area, and I’m considering areas of the country with strong past performance:

https://www.biggerpockets.com/renewsblog/biggerpoc...

Although I'd love to invest close to home, I haven't seen many properties that meet my goals. I'd have to do FHA, and I'd feel over-leveraged at this price point.

I’m looking for advice, stories, tips, etc. on getting started in remote real estate, especially as a first time buyer.

Best, Will

Welcome to the site Will.

Below are some bullet point tips I like to give out to new investors looking to invest out of state. If you follow these points you will greatly reduce your risk of major loss.

• Don't buy in the roughest neighborhood in the urban core. Pick a solid B-Class suburban area. Perhaps a nice 1950's built bungalow.
• Always hire a 3rd party property inspector to give you an unbiased feel for the home. The reports are 40-90 pages long and go through the entire house in great detail.
• Get an appraisal. If your using financing the bank requires this. This is good. The bank isn't going to let you blow their money. They have more skin in the game then you do.
• Make sure you get clear title. If using a lender this is a non issue. They will make you do this. It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.
• Make sure your property manager is a licensed real estate brokerage.
• Understand you can not eliminate all risk, only mitigate it. If you are risk adverse real estate, (especially out of state) is not for you.