I have heard a few main reasons why people are interested in investing in real estate from out of state. One is that people are looking for a market where they can achieve a higher cashlfow.
Investing in real estate out of state can be a worrying experience. To combat some of the worry, it is a good idea to get familiar with real estate investing, the market, and the people you are going to be working with.
By starting with the goal you can then prioritise things like cashflow, appreciation, and long term stability.
– $250/month net cash flow – 1% rent rule – Metro with positive net migration for 20 years – Positive job growth – Built after 1990
Even if you want to be as hands off as possible, there is still a chance you will need to visit the property. So picking a market that has a direct flight, or is a couple hour drive from your home is advisable but not critical.
Usually when networking and trying to find professionals that are well recommended you will not directly find that individual.