Prep work is extremely important when choosing a market out of state to invest in. After doing the research as described in episode 63, it is now time to hammer down the details.
1. Decide on 1 or 2 markets that have the potential that you are looking for.
2. You need to know where the market is trending, meaning the areas people are moving into and out of.
3. Know and understand the good and bad areas of the city.
4. Get to know Real Estate Brokers.
5. Get to know property managers.
6. Work on building the rest of your team.
7. Visit the city.
With all of the prep work and finally visiting you likely will have to make a few adjustments to you original assumptions, but with some small tweaks, you will be ready to make offers. Be sure to follow up with those that you met while in town and be active right away with offers and feedback. You will quickly be forgotten otherwise.
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John Stiles is a licensed MN real estate agent with Bridge Realty.
To learn more, check out John’s website: www.RealEstateStiles.com
You can also find John on YouTube: www.youtube.com/channel/UCgLtahYDXP8T-fEFJfBqHww