OOS Investor – looking for tips on what to avoid

[Maurice Blackledge]

I live in Minnesota but am expanding my investing out of state leveraging the BRRRR strategy. I am going through the process of assembling a team remotely and only have a couple of gaps in what I need.

With that, are there any common “gotchas” or things to know/avoid when looking for and evaluating your first rental out of state? If you had one tip, what would that be?

Thanks all!

[Jack Inman]

@Maurice Blackledge Assuming you buy the property at the right price, the main issues would likely occur at the renovation phase. If you choose to act as your own general contractor and individually hire various subcontractors like plumbers, painters, etc, it can be very difficult to manage the project from out-of-state. That's where I've seen investors get stuck. So, If you can find a real estate company that offers a complete BRRRR system (in-house renovation team, in-house management, etc) it makes the process significantly easier.