Buying Out Of State - Posted by R. Brown

Posted by Jason Bailey on August 21, 2001 at 16:44:27:

I personally would think you have plenty of deals within your local area to retire off of. I have a few out of state properties due to moves for my job. When one becomes vacant, and they are unmanaged, it is somewhat stressful as a beginner; however, it still can be profitible. I would not voluntarily buy one out of state. Now you have another state’s law to learn as far as eviction and such. If you got ready to sell it, you’d just about have to go with a realtor due to the difficulty showing the property and tracking all the correct phone numbers down for appropriate advertising.
If you do decide to go for it anyway, i’d try to get decent terms with the owner financing it rather than going thru the nightmare assumption process. With rates as low as they are today, you might be able to do better with your own loan.
Hope this helps a little!

Buying Out Of State - Posted by R. Brown

Posted by R. Brown on August 20, 2001 at 14:37:56:

I am new to real estate investing. I have read much, but haven’t done any transactions. I currently have the opportunity to buy a piece of property in Texas. I live in Californa. Here are the details:

  1. The owner has property listed for $100k
  2. Owner owes $60k
  3. Owner will carry financing with 5K down
  4. Property is 3br/2ba 1500 sqft
  5. Property could possibly be rented for $1100 to $1500 per month
  6. Property has an assumable FHA loan
  7. Owner is moving to another state

Is buying property out of State a good idea? How would I structure an offer so as to get positive cash flow? Is it better to get a new loan? Any comments or suggestions would be helpful.


Re: Buying Out Of State - Posted by Angel Gutierrez

Posted by Angel Gutierrez on August 22, 2001 at 10:36:28:

Read today’s post for Texas Investors.

Dallas, Tx