Starting Out of State Investing

[Kirsten Crotts]

Hi all,

I just completed my first house hack and am now looking into my next deal, out of state (using the BRRRR method).

Outside of reading David Green's book (on it!), what have people's experiences been with OOS investing? Some questions I have is:

1. How did you decide what market to invest in?

2. How were you able to find quality agents/contractors/PM?

3. Are there any mistakes you made that you would recommend avoiding? Ha

Any insight is helpful, thanks in advanced!

Kirsten

[Whitney Hutten]

@Kirsten Crotts Here are a few notes for you (actually from my next article here... so be on the lookout)...

1. How did you decide what market to invest in?

1. Are you looking in a larger market that has strong fundamentals?
   • Job are growing
   • Incomes are growing
   • Jobs are diversified amongst employers
   • Housing is affordable
   • Rents are affordable (if you are holding)
   • Property taxes are reasonable
   • Vacancy is steady or trending down
2. Are you looking where people want to live (Location, Location, Location!)?
   • Take care to understand your asset class (insert article)
   • Close to jobs
   • Close to good schools
   • Close to good amenities
   • Away from highways, waterways, train lines, powerlines, etc
   • Away from environmental hazards

2. How were you able to find quality agents/contractors/PM? 

Yes.  You can ask for referrals. I like starting with the PM and working backwards.  Most investors will share their PM pretty easily.

3. Are there any mistakes you made that you would recommend avoiding? Oh boy... you can read about mine here.