Calling All OOS Investors! Help Me Learn From Your Mistakes!

[Matt Corso]

Hello!

I am looking to purchase my first OOS investment prop within the next 2-6 months. What are some of the biggest lessons you learned along the way? What do you wish you knew when you started?

A big question I have is - How am I going to build the best team? What questions should I be asking, that I may overlook?

All insight appreciated!

[Alexis Morin]

@Matt Corso 

My husband and I invest in Wichita KS and Kansas City KS with great results.  We live in the DFW area but have built our portfolio largely in the Wichita area because of excellent PM team.  Cedar Mills Property Management in ICT.  They are small and have great service and communication.  I agree with everyone here saying that the OOS key is PM.  No doubt.  We had an awful experience to start out with in KC.  PM me and I can give you the managers info--to avoid!  They left one of our houses vacant for 9 months then a new one vacant for 4 months.  I had to physically go see them in KC to get answers and pulled the trigger on changing PM.  Best decision.  

I'd say interview at least 3-5 companies before making a decision.  Ask how many homes they manage, how many times a year they are physically in the house, can they visit more frequently if you ask, do the have in-house contractors or sub it out, how do they handle vacancy, and how do they handle evictions?  Also, just ask why they think you should choose them, totally fair.

Once you've chosen one, I'd say to make sure you stay engaged.  Watch your statements, call, ask questions, just stay on the radar.  I let our properties in KC go too long without attention and it was terrible.  If you stay close to them, they pay closer attention to your property.  Best of luck!