What are some out of state investing tips you wish you'd known before beginning?

[Ryan Muska]

Just closed on my first property 2+ hours from me. I was finally able to go see it and hopefully see the minimal work I needed to put into it. When I got there, I was disappointed to see that there was water in the basement, lead paint in the attic, and only two prong outlets (with most of them being unable to be converted to three prong). I can only attribute those realizations to my inexperience and not asking for more/specific images of property as well as, being rushed into the closing by my agent and being too afraid to slow down the pace. In all reality, the deal is still going to work after all the extra expenses, but instead of being a home run, it is going to end up being a base hit. 

TIP: Always require accurate photos/videos of the property and make sure they are clear and show the entirety of the property! Also, you are running the show!! They want your money. If they are moving too fast, you can force them to slow down.

[Chris Seveney]

Quote from @Ryan Muska:

Just closed on my first property 2+ hours from me. I was finally able to go see it and hopefully see the minimal work I needed to put into it. When I got there, I was disappointed to see that there was water in the basement, lead paint in the attic, and only two prong outlets (with most of them being unable to be converted to three prong). I can only attribute those realizations to my inexperience and not asking for more/specific images of property as well as, being rushed into the closing by my agent and being too afraid to slow down the pace. In all reality, the deal is still going to work after all the extra expenses, but instead of being a home run, it is going to end up being a base hit. 

TIP: Always require accurate photos/videos of the property and make sure they are clear and show the entirety of the property! Also, you are running the show!! They want your money. If they are moving too fast, you can force them to slow down.

 1. Go visit a property before closing. Amazing how people will go to look at a pair of shoes, try on a pair of pants or suit, go to a car dealership and spend four hours there, but not go look at a six figure investment before buying. Thus that is rule #1

2. Rule #2 is walk it with your property manager. Do not self manage from afar.

These two rules solve 90% of all problems.