Can anybody give advise in investing in other states? long distance.

I been considering of buying property out of state for rental. I can use you some advise for long distance investing.
Rob V.
In Buying Property - Asked by Rob V. - Mar 15, 2010
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Answer(s)

Joe H.
Broker/Agent
Sarasota, FL

Use the internet to find an agent in that area with experience in the type of property you are interested in. If you intend to have them manage it for you also, make sure they offer management services, and factor that cost in to your numbers.

Mar 15, 2010
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Lisa A.
Owner/Investor
Phoenix, AZ

We purchase out of state as well, as there are many emerging markets nationwide. Be sure to know what cap rates properties are trading at in the area you seek. Cap rates are on the rise and now is the time to buy!

Mar 15, 2010
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Rusty S.
Owner/Investor
Lakeland, FL

Hi Rob, My names Rusty. My company , Russ financial solutions may be able to help you. We handle residential and commercial realestate sales and purchases.
If you are interesting in investments let us know what type of realestate, the approximate area, and the range of property values you may be interested in investing in. We are in the central florida area and out market is on fire these days.
If we can help you, let us know. Rusty Investor Lakeland, Florida Countryliving22@aol.com

Mar 15, 2010
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Michal B.
Broker/Agent
Miami Beach, FL

Hello Rob, before you buy property outside of your "backyard", make sure you hire reputable real estate agent that can get gather all the relevant information not only for the property itself but the geographic area as well. I would even recommend going as far as co-investing with a local agent or investor who then has an interest in the property and will find you the best deal on the market. I assume you are looking for multifamily deals but if you are considering commercial (either office or retail) I would not recommend anything vacant regardless of the pricing. Hope this helps.

Mar 15, 2010
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Janine S.
Broker/Agent
Newport Beach, CA

I am a broker in the State of California and own several properties in Florida,...where ever you purchase property it is important that you use a well known professional and experienced realtor. Due Dilligence is very important,..i.e., verify zoning and possible changes in zoning with local city planning, be aware of whats going on in the area you are buying, i.e., new construction or lack there of, be sure you know what other expenses will be incurred such as property taxes which may be higher for non-residents, etc. Its like taking a taxi around Manhattan, if they sense you don't know where you are they take you in the opposite direction to get a higher fare.

Mar 17, 2010
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Brantly M.
Property/Asset Manager
Houston, TX

Rob, generally speaking, I advise my ut of market clients to determine what their real motivations are, such as are you trying to diversify or the opportunities appear better than where you are currently located. Then create the parameters for your investment including type of property you will acquire. Predetermine your expectation of how and by whom the property will be managed based on your level of involvement in management. A key factor in buying out of your immediate market area is generally rather you acquire staff with the purchase. I have personally sold property(not in my market) wherein the purchaser stated that staff was the deciding factor they chose our property to purchase. Of course there are other issues, but most have to with due diligence and having a good contact on the ground in your area of interest.
Good hunting,

Mar 20, 2010
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Bedlam R.
Broker/Agent
Owasso, OK

Make sure it's a property that you won't need to visit often. Find a reputable agent and property management company. It will be worth their fee to not have to travel back and forth all the time.
www.bedlamrealty.com

Mar 28, 2010
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