Whether it's across the state or across the planet, this is the only book that will teach you to overcome the challenges of long-distance real estate investing!
The stock market goes up and down, but everyone-- everyone-- needs a place to live. That's one of the many reasons that rental real estate is an excellent investment. Real Estate Investing (REI) isn't just for moguls, though. All around the country, everyday men and women with everyday jobs supplement-- and even replace-- their regular income with rental property cash flow.
But what if you live abroad, in an expensive city, or in a remote location? What if you're a member of the military who may be deployed or relocated on a moment's notice? Buying, renovating, and renting out property from a distance has some unique challenges... but it's absolutely possible, and you can do it!
This book will teach you to select a great rental market, find cash-flowing properties, hire a trustworthy and experienced team to work on your behalf, analyze deals, make repairs, and place quality tenants who will pay the rent on time. You'll learn how to manage every aspect of a real estate investment without ever setting foot in the house, and you'll learn to do it with confidence.
Out of State will teach you about:
* Determining the ideal property for your risk tolerance and budget
* Neighborhood and property grades
* Picking the ideal real estate market (without ever visiting)
* Finding qualified real estate agents, property managers, lenders, contractors, and other team members, whether you're a hundred or a thousand miles away
* Detailed interview questions for every member of your team
* How to prevail in purchase negotiations
* Financing properties and navigating the lending process
* Using your team's expertise to avoid making a bad investment
* Getting your repairs done professionally, on time, and on-budget
* Placing, managing, and (when necessary) removing tenants
Other books teach you the why of real estate, but precious few teach you the how. Out of State forgoes anecdotes and teaches you the rules, the best practices, and yes, the math needed to succeed when you're purchasing real estate from afar.
Great book PACKED with resources and a game plan for successufl investing
Like the author, I live in an area that is not easy to invest in. Homes are very expensive and typically have multiple offers, which rarely leads to good deals. I never considered investing in properties outside my state because I thought it would involved too much travel and headache, reducing likely profits. After reading Andrews’ book, I’ve changed my mind.
Let me just say that if you are looking for the typical pie-in-the-sky real estate book, you won’t find it here. This is a nuts and bolts book, the kind you’ll read through, then read again, then refer to daily if you decide to invest in out of state properties. It’s packed so full of information and resources that it will become a well-thumbed (or whatever passes for that digitally) reference.
Andrews presents his material in a well-laid out way and answered every question I had about how to invest out of state without ever actually seeing the properties. He shares the websites and investment communities that helped him along the way. No hidden agenda, just good advice for someone like me who wants to dive in but has been afraid of the water. After reading this book, I think I have what I need to be successful in this market.