Reddit reviews Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties
We found 9 Reddit comments about Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties. Here are the top ones, ranked by their Reddit score.
No, I am more interested in privately holding properties in IN and my hometown in AL.
That one is still a work in progress. Getting very close to pulling the trigger on my first property, though.
One of the more useful books I've come across is:
This book is very good, admittedly I haven’t actually done it yet but I’m planning on it.
https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750
I’m wrapping up a book on long distance real estate investing and I think it sounds like a pretty feasible thing to do. The book: https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750.
His basic thesis is that with current technology you can set up a system and team that will allow you to avoid the pitfalls associated with being far away from your investment. He suggests finding a realtor, property manager, contractor, and lender in the given location and using them as your eyes on the ground, while also using each of them as a check on the other (e.g. if your realtor tells you a house will make a great rental, make sure you run it by your property manager).
The big advantage is that you get to pick a market that suits your real estate investing goals. I’m in a major metropolitan coastal city so it’s basically impossible to find properties that will cash flow with the amount of money I have to invest. That’s not true in many other parts of the country, including several that are expected to see population and economic growth.
I found the book to be a little repetitive and not particularly well written, but well worth the $16.
READ THIS BOOK BEFORE YOU DO A DAMN THING.
https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750
I buy all my properties (12 units) long distance since I am in a similar situation to you - I live near DC.
To keep it simple, the #1 thing you need to do is build a team of pros that will help you. Since you're not there, you need people who could do everything without needing you there.
The most important person on your team is your Realtor since they in turn could help you build the rest of your team. You want someone who does a lot of volume in the area and preferable invests in real estate themselves. You'd be surprised how little realtors know about investing unless they actually experienced it. Check out Zillow reviews for good realtors. More reviews the better.
I was actually going to write a book on it until someone beat me to it. I've read it and it's pretty spot on. He uses checks and balances with different people on his team to make sure everyone goes as planned. I have a family member close by who manages my renovations so I have a slight advantage.
https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750
I'm in a similar situation. I live near Los Angeles City. The price to rent ratio is like 0.3. I have been reading David Greene's book, Long Distance Real Estate investing
https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750
In general I love the idea of house hacking and cash flow positive buy and hold rentals. If you're completely new to this world and looking to get initiated I would suggest these resources.
To learn about ALL the hidden expenses of owning real estate, run your prospective property through this rental property calculator on bigger pockets. You only get 5 free reports but filling it out will alert you to all the associated costs of owning rental properties that include property mgmt fee, capital expenditures, property tax, maintenance calls etc. If you're property is efficiently run you should expect a 50% expense ratio. I.E., if gross rents are $2000 month expect to pocket $1000 BEFORE dept servicing.
I would also recommend any real estate episode on Paula Pant's Podcast. There are a ton of real estate episodes and you will learn a lot.
I also enjoyed Long Distance Real Estate Investing as well. Lots of great info even if you are staying local.
If you check even a few of those resources out I am sure you will avoid the mistakes most new real estate investors make. Let us know how it goes and Good luck!
Check out this book from David Greene: https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750
While I haven’t jumped on his strategies just yet, I plan to for my first multi-family purchase as living in Boston anything over 2+ units is crazy expensive. Really really good read.
a great place to start is join and learn from Bigger Pockets and also David Greene's book on out-of-state investing is great.
https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750