Out of State Buy & Hold Rehab

[Julian Addy]

What are successful strategies when buying an OUT OF STATE property to BUY AND HOLD that needs to be REHABBED? How do you find reliable contractors, lenders, property managers, and tenants?

[Michael Guzik]

Hey @Julian Addy I would be very careful. I've seen way too many OOS investors get screwed because they don't do enough due diligence on the property or the people they are entrusting the property to. I would suggest posting/asking for recommendations for the area you are looking into. That is the best way to find good people who treat their customers right. If you can't find any through this then just google and call them. See who answers you, how they answer you, and how helpful they are. Most people think OOS investors are ignorant which is true to some extent and they are just focused on the check not on the investors investment. After you feel you have found someone take the time and money to fly out or drive to the area and see the property, neighborhoods and really just get a feel for the area and see it for yourself. While you are there set up meetings and appointments with the people you plan to work with and see them in person and what they are like. If something feels wrong or you just don't like them or get a bad vibe I would listen to your gut and avoid them. Just focus on the numbers and don't listen to proforma's because they are usually very exaggerated. Good luck and really make sure you take the time to find someone honest, hard working and reliable. Good luck!