California buyer out of state apartment complex

[Megan Winterberg]

My husband and I live in San Luis Obispo.  The market here is extremely high so my husband and I have been educating ourselves on out-of-state apartment complexes.  We do not have experience with oos investing yet but are looking to get started.  Can anyone suggest where to start?  I'm trying to narrow down target location and then start vetting properties and agents.  Is that the best angle?

[Dallon Schultz]

@Megan Winterberg if I were to offer a suggestion it would be 

1) identify your desired market (steady population growth, job growth, rent growth, decrease in crime, household income and value) www.city-data.com can provide a lot of useful metrics.

2) identify your submarket using same approach as above. Additionally start reach out to agents in investors currently operating in that area and ask questions. Vet the area to determine it's where you want to be

3) Determine your investing criteria. This will be crucial to enable to your qualify or disqualify properties quickly until you find the right deal.

4) Have your financing squared away prior to talking to agents. The last thing you would want is for your potential team member to feel like they're working for free. Have your ducks lined up in a row so you can pull the trigger when a property is presented to you and fits your criteria. 

5) start building your team with local agents, property managers, contractors, title companies, insurance agents etc.

The more specific and prepared you are on what you want, the easier it will be to build the appropriate team to make it happen.