OUT of STATE PROPERTY - Posted by Tom

Posted by Tom on February 24, 2001 at 18:39:56:

Thanks Frank, You’ve given me an idea of where to start. I’m new at this and will take all the suggestions I can get. Tom

OUT of STATE PROPERTY - Posted by Tom

Posted by Tom on February 24, 2001 at 04:22:32:

Could someone let me know if they’ve had any success or failures with buying out of state properties. I’ve talked to a pretty eager seller, just wanting out from under payments. Bal on mort. is 140k, appraisal was at 175k. Sellers had it listed with no success. I think they are behind at least one payment. I didn’t have much of a chance to talk with seller today, but got enough info to think about it. I’m just not sure about the miles(10hrs away). If anyone has any suggestions, please share. Thanks, Tom

Re: OUT of STATE PROPERTY - Posted by Frank Chin

Posted by Frank Chin on February 24, 2001 at 14:12:47:

I have investments out of state, and so do many other investors posting on this board.

The primary question is, do you know anything about the area you’re investing in??

There’s a thread below which I originated regarding investing in Springfield, MA, about 2-1/2 hours from me:


You might make note of some of the questions posed and answers received from investors in the area.

I don’t know whether you plan to flip, L/O, hold to rent. You have to consider:

1- What are the comps for this property in the area?
2- How quickly do properties sell?
3- What’s the economy in the area like, particularly if you plan to rent it out?
4- How do you plan to manage an out of state property? There are discussions on managing out of state properties in the archives on this as well.

If you have particulars about the area you plan to invest in, you can receive more detailed responses. After all, real estate is “location, location, location”.