Property Search Overload

[David W.]

I am committed to getting a property this year (well actually last year as well too but didn't happen). I live in Los Angeles where properties are out of my reach so I started to look at Cleveland and then it went to Memphis then to Columbus then to Palm Springs and Euclid on top of establishing relationships with agents in each city. 

I feel overloaded and confused to where to focus my energy. Ideally I would like to just focus on one place but I don't know how to go about that as none of them shine anymore than the other from what I am seeing. 

Any out of state investors have any advice on how to focus and choose where to look?

[James Wise]

Originally posted by @David W.:

I am committed to getting a property this year (well actually last year as well too but didn't happen). I live in Los Angeles where properties are out of my reach so I started to look at Cleveland and then it went to Memphis then to Columbus then to Palm Springs and Euclid on top of establishing relationships with agents in each city. 

I feel overloaded and confused to where to focus my energy. Ideally I would like to just focus on one place but I don't know how to go about that as none of them shine anymore than the other from what I am seeing. 

Any out of state investors have any advice on how to focus and choose where to look?

You've got analysis paralysis my man. Don't sweat the market too much. You can make or loose money in any market. Don't think that one particular out of state market will shoot you to success or abject failure. It's not really that complicated to buy out of state. It only becomes complicated when investors try to over complicate or over think everything. Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.

• 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.