Investor · Herriman, UT · Member since 2015 · 52 posts · 9 votes
I live in Salt Lake and have found it hard to come across a deal where the numbers work. I have started looking in places outside my area, but I'm concerned that because I'm so far away I won't be able to make the right decisions when problems come up.
In Salt Lake a 4 plex is about $350K to $400K and in Las Vegas it's about $200K. Rents are a little higher in Salt Lake but not much.
Has anyone bought and rented in areas outside of their home area? How did you do it?
I have a full time job and can't just leave for a few days when I am needed.
I would get a better bang for my buck it this area, but I'm unfamiliar with it. I would need a good/trusted property manager etc.
@Brian Ewell - I currently invest well outside the area where I live. I started investing locally and when I moved it still made sense to continue investing in the same area because the numbers work and I know the area very well. The key to being able to invest from afar is having people you know and can trust in the area you want to invest. I have a lot of friends where I invest and a whole slew of contractors that I've built relationships with. Those relationships take time to build so without somebody you can trust to give you references you might be shooting in the dark when it comes to realtors, lenders and PM companies in the areas you want to invest. Have you considered partnering with somebody who has a good foothold in a more profitable area than where you live?
As a side note, there is a good article posted today regarding counties with the highest rent increases/decreases in 2015. Vegas is on the list of top losers so while it may offer better rents to purchase price, I'd be concerned with vacancy issues and possibly decreasing rents/values.
Start contacting property managers and real estate agents in the area. After getting a feel for a couple I would fly out and see the neighborhoods. Touch the buildings you will be buying.
After that you should be able to make an informed decision that works for you.