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Buying a rental property (out of state)

Hey all,

Can anyone give me some advice on the best places (states) to invest in buying rental homes to make the most of the inventory backlog/fall of prices in those states? I am not looking to sell them immediately (I could let them sit for about 7 years.)

What are the complications involved in an out-of-state purchase?

Is it practical?

Thanks in advance!

 

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January 27 2008 - US
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Replies (5)

Complications include finding a competent agent and management.
Just 2 from experience S.C. Alabama
Multi unit and Commercial

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January 27 2008

S.C. *&* Alabama

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January 27 2008

Rentalpropertymanager:

 

You will have extra expenses a local investor will not: The need to hire an agent/company to manage your properties, and not being able to do simple repairs yourself.

 

Personally, I think you are way too early to the party. You want income returns of about 10% assuming your mortgage is 6%, before you even bother to buy investments, and those numbers are not common YET!.

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January 27 2008

CENTRAL OREGON HAS SOME GREAT PRICES

 

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January 29 2008

Listen to AZrob - those expenses mount up pretty quick. Add to that the fact you will not be nearly as conversant with local conditions in another state.

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January 29 2008
 
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