investing outside of your local area

[Ashley Travers]

hi! i’m curious and hoping someone has some insight: what does everyone do when they’re investing outside of their typical investing area? whether it’s buying out of state, or just buying outside of your normal neighborhood but in the same city. is there something like rentometer? i’m interested in a property about 30 minutes away from me and i know a part of this particular city is beautiful and the other is quite dangerous so i’m looking for a way to “vet” the area. thanks in advance!

[Filipe Pereira]

Hey @Ashley Travers 

Rely heavily on referrals, whenever you can. I personally advise against buying a property sight unseen and recommend that clients come out to see the property once it is under contract, and scheduled for an inspection. Don't buy something based just off of photos. Ask your agent to do a video walk through if you are unable to physically see the property in person.

To me, the most critical part of your OOS strategy will be a great PM. A great PM will make or break your investment in my opinion. Choose wisely.

Lastly, work with someone who has the heart of a teacher, not that of a salesman. It's important that you learn through the process and develop skills that will make you a better investor, as opposed to just going through the steps but not learning anything!

Talk soon,

Filipe