Is an interstate legal team OK? Or is local essential?

[Franc B.]

Hi BP,

Maybe a silly question. Looking to buy my first investment rental in the next 60 days. I am investing interstate because of my budget. I would like to understand how others formulate a “team” when starting out interstate? Living in NYC everything is infinitely more expensive. If I’m focused primarily in one area interstate (affordable), would it be advisable to have my legal team local to that area? Or are there material advantages to having a local partner in NY?

Where are people from and are your legal teams local? 

Thank you!

[John Teachout]

Real estate law is local so you should have someone that is familiar with the area you're investing in. If you're investing in another state, find someone that's familiar with that state's laws which in most cases will be someone that has their practice there.