I hear you. I live in wa state and have had to go way over to viriginia to invest.(I went to college there). I found out that you can invest anywhere, but where you invest is going to matter HOW difficult it will be. I found out quickly that my state was very competative and overloaded with overpaying investors. this made it difficult for a newbie like me to get in and get a good deal. The city I am investing in virginia is much less in the way of competition and better yet the prices are way low. the best way to find what city you would like to invest in is use the internet to find out as much info as you can(median income, salary per household, supply and demand, availability of what you are looking for etc etc.) the next best thing to do if you invest out of state is get a partner. I know it meens a cut in profits, but it also meens a cut in expenses and most importantly a cut in headaches. I tried to invest by myself and it didnt go to well being so far away so i have a partner now and he has been worth his weight in gold. as far as any suggestions where to invest, I heard Vegas is doing very well right now and is seeing a ton of new growth and investment potential. not to mention all the awesome tax breaks if you set up a llc there. good luck.
vatt02 - I am familiar with your market in San Diego and the prices there can be pretty high. However, opportunities do exist - especially in the preforeclosure market. Just make sure to do your research when investing out of state. For example, the cost of living in various parts of the country and where they are in the property lifecycle. Just to brag ... our market in Memphis, TN is great and affordable! :-o
The grass always looks greener, doesn't it? I live in a rural area, and have made my stand here, though there are barely 20,000 people living within 50 miles of me. Gotta be a generalist, though. Depending on whether you have other reasons to travel, you may just look a little further afield in your own state--where you already have the forms and know the rules--or consider Mexico, where possibilities abound.
Once you're out of metro areas--esp. if you can find counties that aren't online, which makes it harder for outsiders to compete--there are deals to be found. Why not check the FSBOs and/or run an ad or two there? Talk to some assessors and auditors? I know of one rural county in a not-so-obscure state that had NOBODY attend its tax lien sale this year (there were 100+ parcels). This is what their auditor told me. You can bet I'll be there next year.
It's amazing the number of people from CA that are investing out of state. Have you ever considered simply moving to another state? Frankly, I doubt you will do well investing out of state. It is very difficult to keep close tabs on the properties and make certain that the properties are kept in good repair and at a good cost. More importantly, no matter where you live, do you think that a manager, realtor, contractor, etc., is going to try to get the best deal for someone in CA who is investing in their small community in the southeast, midwest etc.? I can tell you right now from personal experience, the answer is no! They would much rather keep the money in their own community and help out the individuals in their own community rather than help someone in some other state. That is simply human nature. That's not to say it can't be done. I'm simply trynig to point out that it isn't strictly a matter of finding the best deal on the web. As always, human connections are the most important.
I am looking in the Hilo Hawaii area but dont know if this is a good market rental area even though the university is there. In the paper there were 57 unfurnished houses for rent . Anyone know about that or surrounding area on the big island?
Thank you all for taking time responding to my message. Few people asked what I really wanted to do? My plan is to buy residential property that cash flow with 10-20% down. I plan to hold a property for a year or two then sell if I have enough equity to leaverage for more property.
I am also looking to buy apartment units if I can get a good return on my investment. I am looking for at least a 10-12% ROI. Thanks.
Please be more specific, as to the type of investments and your interests and goals with those investments.
?Thank You! Mark
I hear you. I live in wa state and have had to go way over to viriginia to invest.(I went to college there). I found out that you can invest anywhere, but where you invest is going to matter HOW difficult it will be. I found out quickly that my state was very competative and overloaded with overpaying investors. this made it difficult for a newbie like me to get in and get a good deal. The city I am investing in virginia is much less in the way of competition and better yet the prices are way low. the best way to find what city you would like to invest in is use the internet to find out as much info as you can(median income, salary per household, supply and demand, availability of what you are looking for etc etc.) the next best thing to do if you invest out of state is get a partner. I know it meens a cut in profits, but it also meens a cut in expenses and most importantly a cut in headaches. I tried to invest by myself and it didnt go to well being so far away so i have a partner now and he has been worth his weight in gold. as far as any suggestions where to invest, I heard Vegas is doing very well right now and is seeing a ton of new growth and investment potential. not to mention all the awesome tax breaks if you set up a llc there. good luck.
vatt02 - I am familiar with your market in San Diego and the prices there can be pretty high. However, opportunities do exist - especially in the preforeclosure market. Just make sure to do your research when investing out of state. For example, the cost of living in various parts of the country and where they are in the property lifecycle. Just to brag ... our market in Memphis, TN is great and affordable! :-o
The grass always looks greener, doesn't it? I live in a rural area, and have made my stand here, though there are barely 20,000 people living within 50 miles of me. Gotta be a generalist, though. Depending on whether you have other reasons to travel, you may just look a little further afield in your own state--where you already have the forms and know the rules--or consider Mexico, where possibilities abound.
Once you're out of metro areas--esp. if you can find counties that aren't online, which makes it harder for outsiders to compete--there are deals to be found. Why not check the FSBOs and/or run an ad or two there? Talk to some assessors and auditors? I know of one rural county in a not-so-obscure state that had NOBODY attend its tax lien sale this year (there were 100+ parcels). This is what their auditor told me. You can bet I'll be there next year.
It's amazing the number of people from CA that are investing out of state. Have you ever considered simply moving to another state? Frankly, I doubt you will do well investing out of state. It is very difficult to keep close tabs on the properties and make certain that the properties are kept in good repair and at a good cost. More importantly, no matter where you live, do you think that a manager, realtor, contractor, etc., is going to try to get the best deal for someone in CA who is investing in their small community in the southeast, midwest etc.? I can tell you right now from personal experience, the answer is no! They would much rather keep the money in their own community and help out the individuals in their own community rather than help someone in some other state. That is simply human nature. That's not to say it can't be done. I'm simply trynig to point out that it isn't strictly a matter of finding the best deal on the web. As always, human connections are the most important.
What are you really looking to do? Fix and Flip? Commercial? Where do you really want to do it?
i work with a few california investors that buy in the charlotte N.C. Area.
They get more for their money here.
just my 2 cents worth
James E. Taylor II
[ Edited by charlottehomebuyers on Date 08/29/2004 ][ Edited by charlottehomebuyers on Date 08/29/2004 ]
I am looking in the Hilo Hawaii area but dont know if this is a good market rental area even though the university is there. In the paper there were 57 unfurnished houses for rent . Anyone know about that or surrounding area on the big island?
Thank you all for taking time responding to my message. Few people asked what I really wanted to do? My plan is to buy residential property that cash flow with 10-20% down. I plan to hold a property for a year or two then sell if I have enough equity to leaverage for more property.
I am also looking to buy apartment units if I can get a good return on my investment. I am looking for at least a 10-12% ROI. Thanks.
Sam