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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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Complications include finding a competent agent and management.Just 2 from experience S.C. AlabamaMulti unit and Commercial
S.C. *&* Alabama
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!.
CENTRAL OREGON HAS SOME GREAT PRICES
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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