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Updated almost 4 years ago,
Investor Newbie - Looking to Get into House Flipping Out of State
Hello all! I live in New York City where the house market is too expensive to do anything as a newbie (or at least fear is telling me not to start here first). I want to start house flipping out of state so that I can start generating some revenue and then later use that money saved to invest in buy and hold properties and vacation homes in the future. As mentioned, NYC makes it almost impossible to start and I have been looking at some markets and found that there are some counties in PA worth investing in. I'm currently in the process of looking for agents to work with and some hard money lenders.
My biggest challenge would be not being present during the whole process of rehabbing and managing the construction process. Of course, communication is key and tech allows us to video call as well. My question would then be how and who would I hire to manage the rehab process physically? Is a GC that I find trustworthy enough? How would I outsource that "job"?
I have a 9-5, Monday-Friday so I would obviously make trips during the weekends when I am available to check up on the property but life happens and there would be times where I won't be able to see the property myself. Any advice on if this is even a good move to make as a newbie? Any other markets where risk isn't so high? I know I just asked more than 1 question but I am stuck on analysis paralysis which I am trying to beat and I guess I am trying to play it "safe".
Thank you!!