Out of state rental property investment advice needed

[Robin Varghese]

Out of state rental property investment advice needed. Can't find any rental property that makes sense on paper in my local surrounding.

*How do you guys manage out of state property

*Best rental property management companies

* I live in NJ planning to invest in TX, FL etc.. How far is too far ??

Thanks in advance

[Angelica M Garzon]

Hey Robin, 

I live in Miami, nothing really makes sense here so I too purchase long distance. 

I specialized in multifamily properties, this has proven a rewarding niche because I mostly buy from investors that (the majority of the time) already have a property manager in place. If I see that their current arrangement works for me I keep the same company, if not I find other local companies online and feel them out over the phone/website/emails and through reviews (google & biggerpockets are best friends). 

I recommend that you do an inspection on any property you plan to purchase, this is going to give you a good idea of any repairs/future expenses you might run into. If you have the budget or your property has great cashflow, fix them in your first year, this will make management sooo much easier. 

 Lastly, if you can try to pick a state or city that's within driving distance or a cheap and short flight, I recommend it. I live in Miami and invest in Orlando, Jacksonville, Tampa, SC, GA NC and Texas. They are all close enough for me to drive (no more than 10 hours) or $250 dollar round-trip. 

Good Luck and feel free to reach out if you're interested in any cities in Florida!