918: The Truth About Investing Out of State - Episode 918
Investing in Real Estate with Clayton Morris | Investing for Beginners
Clayton Morris
4.1 • 1.1K Ratings
🗓️ 2 February 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
Many investors are initially hesitant about purchasing a property outside of their home state, but as long as you’ve got a few things covered, your business can run seamlessly. On this episode of Investing in Real Estate, we're going to discuss investing out of state, getting to the root of your fears, and so much more!
Transcript
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| 0:00.0 | Hi everyone this is James Harkin and Anna Tashinsky two writers of the TV show |
| 0:05.2 | QI and two-fourths of the hit podcast no such thing as a fish. |
| 0:09.2 | We'd like to let you know that we've written a book it It is called everything to play for. The most |
| 0:14.4 | interesting things there are to know about the world of sports. It's for you |
| 0:18.2 | whether you like sports or not. Did you know that legendary cricketer Gary Sobers scored his final century while drunk? |
| 0:25.7 | Or that games of lacrosse used to involve 100,000 players. |
| 0:31.7 | Learn that and so much more by getting everything to play for, the QI Book of Sports, available |
| 0:36.2 | in all bookshops and online right now. Is it safe to purchase real estate investments out of state? Should you be worried about what could go wrong? |
| 0:51.0 | What should you consider before purchasing a property that's so far away from |
| 0:54.8 | where you live? These are really common questions as it comes to real estate investing. |
| 0:58.9 | So let's talk about the truth. Many investors are initially hesitant about purchasing a property |
| 1:04.1 | outside of their home state, but as long as you've got a few things covered, |
| 1:08.0 | your business can run seamlessly. After all, every property I own is not in my own backyard and many of those properties I never lay eyes on because I've got a great team that takes care of everything |
| 1:19.1 | But you might just be starting out and you might be nervous about this process. |
| 1:23.5 | I find that whether or not an investor wants to purchase out of state as a personal preference. |
| 1:28.4 | Now it can depend on a few things, right? Like whether or not you live in a good rental market. |
| 1:32.9 | You know, do you happen to live in one of the best rental markets in the country? |
| 1:36.1 | If you happen to live in one of those spots, then of course you might want to buy a property |
| 1:41.1 | in your own backyard. |
| 1:42.1 | But chances are you probably do not live in one of the best |
| 1:45.9 | rental markets in the country and your philosophy on property management might also be a |
| 1:50.8 | factor in all of this maybe you personally want to manage properties yourself and take on that additional workload. |
... |
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