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Updated 17 days ago on . Most recent reply
Recommendations for first time out of state investing
Hello BP team,
How are you all? Hope all is well. I am looking to invest outside of California for the first time. I am looking to rent and hold (purchase a rental income property). Any recommendations for which cities and dates to look into as a starter? Would appreciate the insure.
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#3 Market Trends & Data Contributor
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- San Francisco Bay Area
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#3 Market Trends & Data Contributor
- Rental Property Investor
- San Francisco Bay Area
If you don't already own a primary residence, I would suggest house hacking. Are you already investing in California?
I invest in the Bay Area and Indianapolis metro area. If you absolutely can't invest locally (meaning a 2 to 3 hour drive), you'll need to do a lot of research and mitigate risk. I've posted about my experience many times. I'd recommend talking to local investors of your prospective cities to get positive and negative feedback, someone who isn't trying to sell you anything.
Do you mind sharing how much capital you have to invest in? Or your purchase price ranges? BRRRR or wanting to buy move-in ready?
My opinion is that Nevada (Reno or Vegas area) is a great market - kind of looking at that area myself, close enough for short flight or drive there. Property tax rates are low and great appreciation.
Caution: you said the magic words "I'm in California" so every out of state real estate agent and probably wholesaler on BP is going to contact you.