A few tips on how to go about purchasing out-of-state properties.
Last year, I purchased some rental properties in Madison, Wisconsin, sight unseen. Today I’ll share some tips on purchasing property out of state based on what I’ve learned.
One of the reasons I bought in Madison is because I spent a lot of time here in the late 1990s and early 2000s. I knew a lot of people here, and I also knew a trustworthy property manager. That went a long way to building my confidence.
“I tripled the amount of return that I was getting from my property in California.”
The main thing you need to figure out is what your return on investment will be. I sold a property in California and moved some of the money to the property here utilizing a 1031 exchange.
If you’re thinking about selling and investing out of state, we should talk. I was able to take the money from my sale and reinvest it here to triple the return that I was getting from my property in California.
You also want to find a property in decent shape that can be upgraded. This keeps costs low and lets you raise rent over time to continue increasing your cash flow.
If you’re thinking about doing something similar with your next purchase, I’m happy to connect you with great agents all over the country to help make sure you’re getting a good investment. Reach out to me at 562-316-2915 or [email protected]. I look forward to hearing from you.
