Experiences for out of state landlords with in market partners

[Christopher Coleman]

Hello,
My names Christopher, I'm a real estate agent working with mostly out of state or foreign investors in Kansas City, Missouri.

I was really wanting to hear from some investors who had made purchases in out of area markets and see what their experiences have been good or bad. I have heard some real horror stories of people believing every word someone said and getting stuck with money pits.

It would be really helpful to know what your biggest concerns are from being on the other side of the deal. What would have made your purchase more enjoyable?

My team here often invite our international or out of state clients here to get first hand experience with the market, is that something other agents have done for you or offered?

We all know that mistakes happen, but I believe hearing other peoples experiences would help me avoid future complications.

Any constructive input would be appreciated.

Thanks
Christopher

[Mehran K.]

Christopher Coleman I've been meaning to respond to this thread for a while now, just been real busy.

I've had nothing but good experiences so far investing out of state. With that said, I haven't been investing that long either. I'm sure there will be hiccups down the road.

Some things I need to see now from a partner/provider in an out of are market are:

Person actually invests in the same market for their own portfolio.
Clear conveyance of local market knowledge (good/bad areas, which unit mix fits the demographic/rent the easiest, economic drivers/strong points of the local economy
Have a solid understanding of my purchase criteria AND long term goals.
Willing & able to answer all my questions honestly.
Is very tech savvy and can give email updates/pictures/videos frequently.
Responsiveness is so important.
Can actually stay within budget and time frames of rehabs etc.

And for my personal strategy, a person who has solid relationships with local portfolio lenders.

It seems like you're on the money with your operation. Some time soon I'm going to hunker down and do some research on the KC area so I can get myself familiar with it :)