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Updated about 2 months ago, 10/15/2024
My first out of state rental - Looking for some advice
Hey all! Birmingham, AL is my target city for a boat load of reasons, but I live up in Philadelphia, PA. That's not going to stop me, I'm currently building a team over in Birmingham to get my portfolio started, but I wanted to get some advice about how the out of state buying process normally works. Do I normally have my awesome real estate agent ALL of the legwork? Should I be visiting, asking neighbors questions, getting a feel for the neighborhood and home (in person rather than just off of online research) before buying or making offers?
Guys, anything helps. This will be my first investment property and I'm a little leery about this whole out of state buying process since I've never done this before. Thank you everyone in advance!
@David Donald Henning Jr. Why are you buying in Birmingham AL instead of Philadelphia if you reside in Abington, a suburb of Philadelphia? Also what guru did you learn from...."currently building my team" was the give away. Then I read in your profile, 500 units by age 24? I give you credit for setting lofty goals and taking action so young but you should reconsider who you are learning from.
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Quote from @David Donald Henning Jr.:
Hey all! Birmingham, AL is my target city for a boat load of reasons, but I live up in Philadelphia, PA. That's not going to stop me, I'm currently building a team over in Birmingham to get my portfolio started, but I wanted to get some advice about how the out of state buying process normally works. Do I normally have my awesome real estate agent ALL of the legwork? Should I be visiting, asking neighbors questions, getting a feel for the neighborhood and home (in person rather than just off of online research) before buying or making offers?
Guys, anything helps. This will be my first investment property and I'm a little leery about this whole out of state buying process since I've never done this before. Thank you everyone in advance!
Its not impossible to do it 100% remotely but when its your first out of state rental - its probably much much better to go in person for it - and then when you find an agent that you trust and has proven to be able to be up to the job and your needs, then future properties you can be more comfortable not going down to look at all the properties
You should never invest in an area you know nothing about or at least have someone you know and trust who can guide you there.
I know nothing about Ohio, so I dont plan on buying anything there.
I have a close buddy who lives in LA, I would likely trust his judgement if it came down to it - but I would still get to know the area more.
I dont think you are ready to invest out of state if you havent invested yet in yours. And being from Phila, there are plenty of solid and reasonably affordable areas to invest in. if you're open to it, feel free to reach out and we can talk more about this topic and the local market.
- Alan Asriants
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Hey David - Birmingham is a great market, and you're on the right track by building a local team. A good agent will handle a lot, but if it's your first property, visiting can help you feel more confident. Key neighborhoods to look into include Avondale, Crestwood, and Highland Park—these areas have seen growth, attract young professionals, and offer solid rental potential.
You don't have to visit in person, but it can help for peace of mind. Happy to connect if you want to chat further!