Whether buying an investment property or a second home, the right out-of-state investing strategy can prove highly lucrative in the long run. To get the most out of your potential investment, first, consider the following.
Investing out-of-state can be nerve-wracking
You might be buying a property sight unseen. You’ll have to rely on agents and contractors you’ve never met and pay for work you may not inspect.
It takes time
You’ll be establishing a trustworthy out-of-state team. You need to rely on them to get you headed in the right direction. However, you’ll want to do your research and make sure each member can pull their weight.
Managing out-of-state can be more expensive
Unlike a local property, you won’t have the option to self-manage. You’ll need boots on the ground, which come with fees.
With the above team, you will spend most of your time reviewing reports and paying bills. By not directly managing your properties will increase your bandwidth for other things (including potentially other properties).
Investing out of state allows you to find great investment opportunities regardless of location.
Buying out-of-state allows you to diversify your portfolio
You’ll be able to buy in multiple cities and multiple states. As markets fluctuate or areas impose new restrictions, your entire portfolio will not be affected.
You must put in the work like anything worth pursuing, but with the right mindset and professional team, out-of-state investing can be a rewarding pursuit.
With the team at o2 being licensed in multiple states (and personally invested in out-of-state properties), we are ready and able to help you achieve your real estate goals!
If you’re interested in branching outside of California for a second home, vacation property or investment opportunity, contact us today to learn more about the benefits and process for purchasing an out-of-state property.