Renting Property From Out Of State

[Benjamin Hunt]

Hey Guys, hope all of you are killing it!

I need some advice. I recently moved to Chicago from Detroit. I had lived in the city for years and I had always wanted to get involved in the real estate market within the city. I wanted all of your opinions on this.

What advice would you give to someone looking to purchase property in Detroit Metro (use for either flipping or renting) and primarily residing in Chicago.

Is it a realistic for me to live in one city and invest into the other?

Thanks !

[Account Closed]

@Benjamin Hunt of course it is! 

Just have a process. Answer the following questions and you'll be good to go.

1. Where do you get your deals? From a realtor? From a wholesaler/property provider? Will you market for them yourself?

2. What's your due diligence process? How do you plan to gather info on neighborhood, financials, tenants, and condition? How will you verify it during escrow?

3. Who's gonna manage it? I recommend professional management from the start, so find a good one. They will help you make well informed purchase decisions as well.

I invest exclusively in the midwest from CA, and have never seen a property prior to purchase in over 100 deals! You can do it too.