Out of State Investing Success

[Account Closed]

Tips for finding the right areas out of state to invest in, how to manage your properties, how to do research and create relationships for long-distance landloring success.

[Account Closed]

I've invested in 9 states so far.
When I find a deal in an area, I find out why someone would want to live there.
Here's one tip: Locate larger cities around the city with your subject property. Let's say Memphis TN, I would use Jackson MS, Little Rock AR, Lexington KY, Nashville TN, and maybe Birmingham AB. Once you have this list, call the 800 # for U-Haul and only ask about one location at a time.
Let's say, how much for a 10 foot truck from Jackson MS to Memphis, write down the amount and say thank you and hang up. Hit redial and do it with the rest of your city groups.
Now reverse the process, example; Call again, ask how much for the same 10 foot truck from Memphis to Jackson MS and write all the amounts down.
If it costs more to go from somewhere to Memphis, it means that people are moving into your subject city, which can mean you will have a better rental/buyer market. It also probably means that U-Haul is having to pay someone to get there and bring the trucks back. This is why it cost more going one way than the other.
Also check with the city planning department and the COC, these guys will know what companies are moving in and how many employees they'll need. This can also be an indicator that you will probably have a strong rental/buyer market in that area for the 3-5 years. It also depends on which companies are moving in and how many employees they are projecting.
Hope this helps.

PS: U-Haul makes most of their money by selling these type reports. It started with renting trucks, but the owner that died some 25 years ago found out he was sitting on a wealth of information that people would pay for. That's why U-Haul is usually cheaper. The reports are not sold under the U-Haul name, and I can't remember the company name that they're sold under. I do know that the cheapest report they sell is over $2000. The 800 # trick is a lot cheaper! And you're only interested in the one cities attrition.
If you plan to perform a search for an entire state, you might consider buying one of their reports. They may be cheaper now, I haven't checked since the late 90's. My trick has worked good for me for over 12 years.