Buying Out of State: Get Trusted Team in Place

[Sean Collins]

Investment Info:

Single-family residence buy & hold investment in Chicago.

Purchase price: $170,000
Cash invested: $30,000

Buy and hold turn-key in tertiary market. Good ROI/IRR with long-term appreciation approach.

What made you interested in investing in this type of deal?

Returns and cash flow, price point, diversification

How did you find this deal and how did you negotiate it?

Built a team of agents, contractors, property managers, and investors

How did you finance this deal?

Conventional

How did you add value to the deal?

Good property management

What was the outcome?

Cash flowing rental with long-term serious appreciation potential

Lessons learned? Challenges?

Learning new markets (especially out of state) requires a trusted team that knows the local rules in regards to risk and costs.