Out of State Investors that invested in a state they've never worked/visted/lived in

[Aruna Abdool]

Hello. I'd like to hear from my out-of-state investors that they successfully invested in a state they had never lived in or worked in that state for a long time. How did you develop relationships with the realtors, mortgage lenders, property managers etc. Were you taken advantage of at any time because you were out of state and trusted what you were told? I'm considering out-of-state MTR because NY is not a landlord-friendly state. 

[Bjorn Ahlblad]

@Aruna Abdool  When we lived in California we invested there and later in Washington state. We had never lived there but we had visited. We came to know realtors on line, we researched properties ourselves and had the realtor drive us to the dozen properties we selected. She referred us to a PM whom we vetted. We did not need lenders as we were paying cash from prior sales of rental properties, it was a 1031x. We made three trips to close on the properties.

Never trust what you are told. Always check it out for yourself! If your investment fails, you lose that is on you and no one else. Always verify. IMO anyway.