There is very little you can’t find out with a little online searching. The internet has changed the game when it comes to due diligence. Remember, before the internet, it was almost impossible to know what you were getting into. By the time you’re done with this, I think you’ll have a much better understanding of how to conduct due diligence, why out out state investing isn’t as risky as you thought, and why I’m such a big proponent of it These methods will be the focus of this article. In 2019 we have many ways we can verify the information we are provided when we invest outside of our own market. One of these reasons is the fact technology has grown to the point it’s significantly reduced the risk of investing in out of state rental properties. My argument here is, a lot of that has changed. The result was investors being burned and out of state investing earning a bad rap. Without the internet or websites like Zillow, local county tax assessors websites, and, you just couldn’t confirm the information you were being given. Trusting the word of a broker you didn’t know, had never met, and had no way of holding accountable, you were very exposed to risk. There was a time when investing out of state was very risky. You were forced to be ignorant about a market thousands of miles away from you. Now, to be fair, the two went hand in hand. Maybe it's not out of state investing that is risky investing. Out of state investing became "risky investing". The area, the people, the house itself-all a big game of chance, and the out of area people were the ones being preyed upon. You had no idea what you were going to get.
For a long time, out of state investing was synonymous with real estate gambling. I want to share with you it doesn't have to be that way.
Investing out of state can be scary and nerve wracking. Having done this several times in a row now, I’ve documented a system others can follow if they want to do the same.įor many of you, just reading that made your heart sink. First I moved to Arizona, then to Florida, then to Arkansas. I was forced to move outside of my state to find cash flowing rentals.
My local market of California became too expensive in 2013. Unfortunately, it's also made it harder for you to find the deals! Low interest rates, a strong economy, and improved technological advances have made real estate investing easier than ever for the masses. Welcome to 2019! As real estate markets have steadily been appreciating as of late, many buy and hold investors have been priced out of their local markets and forced to sit on their hands.
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