Need Advice On How To Work Out Of State Deals (long)
I am really trying hard not to be the next California buyer that overpays for out of state real estate! So, I have several questions:
1. Does anyone work “creative deals” out of state? It seems to me that creative deals can only be done in one’s “backyard”, as they need immediate face to face meetings with the owner.
2. If you can do “creative” deals out of state, how do you go about marketing? Seems kind of hard to put up bandit signs in several out of state cities.
3. Do you make offers before visiting the city and make them contingent upon inspection. It seems that sellers and/or agents may not consider that type of offer (especially if it’s aggressive) to be a sincere offer. Although I plan to visit the properties before I buy them, I don’t want to visit an area only to find that I can’t get a deal done or I don’t want anything in that city.
4. I currently subscribe to ****This URL Not allowed****. How good a source is that? Anything anybody likes better?
5. I have access to money, I have credit scores in the high 700’s to low 800’s. I feel like I’m spinning my wheels. I’ve bought many “guru” packages. I get frustrated with them because it seems like they all are Rah-rah motivation to leave your job, a few examples of deals they’ve done and a lot of “we’ll cover that later”. And later never seems to come. I own a multi-million dollar manufacturing business, but spend way too much money (I blame my wife
. I need to build assets and “future” cash flow for retirement. Hopefully soon!
I thought multi-units would be the way to go. I figure that’s the only way to overcome management fee expenses eating up cash flow. By the way, I’ve been targeting 5-15 unit properties with a cap rate of 10% or better. The only ones I’m finding have “pro-forma” cap rates. Come on, I never buy someone else’s dream. If some of these properties cash flowed like the seller’s claim they “can”, they wouldn’t be selling.
Sorry for being long-winded. I really could use any advice.
Sorry for the unallowed URL! It is a site that lists "commercial properties. I hope that is better.
No One has any advice?
call up some states you interested in real estate salesmen and have them e-mail you when larger complexes are listed, or get wind of it.