Unless you have established a nationwide organization, your better real estate investments would come from an area you are familiar with. This might be locally to achieve your goals.
Investing locally where you are know, and people bring you deals, is sort of like having inside trader information.
Outside of your element you are another person that could be taken advantage of.
As a real estate investor I would never go outside of the state in which I reside as there are all sort of headaches you would encounter as you would not be able to judge a local property manager, know the laws of the state concerning landlords and their responsibilities. Some states have rent control there are states that
require you to provide air condition units for your rentals.
In investing in states you are not familiar with you are investing into a great unknown and this is sort stabbing in the dark trying to make the right strike and be successful.
You would be the new kid on the block and might be taken advantage of by unscrupulous business people such as a real estate agent that is unable to sell a dirty pig, but find you and offer this pig to you and informing you of all the good qualities of buying this pig the ROI and what a great investment you would make at this bargain price.
You would have to do a lot of due diligence on you part and learn the terminology of the area in which you would like to invest. If this is something you would want to look into, make sure you have a strong trustworthy team in place that would provide you with good information about potential investments and the benefits of this
You would be required to buy such an investment property in a place where the appreciation value of the
property would reach the value you would want to sell at in 10 years.
The southern p art of the United States might not be an area of investment as the property values do not
appreciate as fast as other areas
Then you would have to take into consideration the amount you would be required to invest immediately.
In California you would be required to invest a huge amount into your investment. A single family house in
southern California would cost around $275K and above in a very poor neighborhood.
The value of properties would increase in appreciation that might meet your 10 year goal for resell of the
In the far west, to close a real estate sale, you would need to engage the services of a local escrow agent. Where as in the south there is no such animal. To close a real estate transaction you would do so through a local real estate attorney.
Being a real estate investor for a long time, I find it to my advantage to invest locally. I am able to meet my
financial goals and know the local market.
I hope this has been of some benefit to you,good luck.
"FIGHT ON "