Willingness to travel to invest. Thoughts?

Question

who is thinking along these lines: if you are looking at properties 4 hours away you might as well expand your horizons to the entire continental US.  Seriously.  You can get to anywhere in the South or the Midwest for about the same time.  Now it's true that the travel cost will be higher but there are ways around that.

The reason I say this is, I know there are other parts of the US with much  stronger economic growth than the mid-Atlantic, and those will be better places for investment.

You didn't say what you plan to do with your properties but that would be really helpful to know.  Are you flipping, rehabbing, buying to hold?

Joshua Dorkin · Answer

Fred - Be careful - be very careful.  I can't give any good advice on something that has worked, because I've only worked with BAD property managers out of state.  I've fired every management company that I've worked with over the years, and now work directly with realtors that I know and trust to manage for me.  It is a real challenge!

This form should help in your interviewing process:
Property Manager Worksheet

I hope that helps

Fred Shandler · Answer

How do you find investing long distance?  What happens with evictions and other difficult situations?  What advice do you have for screening property managers?  I live in a ridiculously high market and am considering investing in another state (3 hrs away).  Any advice is appreciated.

Fred

Brendan O'Brien · Answer

That's why I advocate a visit to the properties you are considering buying.  It is so easy to get taken by an unscrupulous broker or property manager.  It's even easier to just have things get out of hand because you're never there.  But I won't question others' methods if they work for them.

Alexis Dedrickson · Answer

I do all of my investing on the eastern side of the country. I have never been to the cities that I am investing in, and I have never met the people I work with. It's better that way. I do everything over the internet. Unless you live in a market that is a great investment market, you are not going to find the great deals that many of us are finding working in your back yard. Find a good realtor, and go from there. They will help you find props, get comps, submit papers, and give you contacts for all the people you need. If you find someone who deals mostly with REOs, they will know these people and they have worked with them enough to know that they are credible.

Kimberly Anway-Morency · Answer

Brandon, I think along those lines. It takes 5hrs 53 minutes to fly from Alabama to California, or just about anywhere else. I have property in both mentioned States.  You could ask the boards if anyone is familuar with your target areas.  I believe that virtually every state is participating in these forums.
 I set up management in my original state and moved to the new area to get it up and running.  Next move for us might be?  Bought 17 SFH in Alabama in 2006-2007. So far so good.
 I am not a bird-dog but if this is an area you are looking at PM me and I would be happy to talk.
 P.S. I got some good advice from a huge buyer to stay out of Miss right now on most SFH purchases. DARN IT. I was looking in that direction. Commercial is okay.
 Jason is right you can purchase with out having to travel. I did decide to do a final inspection with subject to clause prior to closing for my own peace of mind. Thats up to you.  I found round trip tickets for $225. last month not a huge expence

Jason Wheeler · Answer

For the most part you should be able to analyze you deal without actually visiting the property.  Get all your inspections done and have you agent send you a lot of pictures.  I’ve never traveled to an investment and I’ve done deals states away.  Really it is about personal preference.

Jason Wheeler