I’m getting ready to do some RE investing in the next few months, outside of the local market I live in. Outside of California in general.
I’ve been introduced by a friend to a company called RealSource, that analyzes RE markets nationwide to pinpoint those that are recovering from a downcycle. Basically, they supposedly help you get the most out of real estate speculation.
I only know my one friend who is in the process of buying one property through them. I tried googling them, and couldn’t find any references/comments online.
Has anyone here ever dealt w/ RealSource? If so, do they provide value?
Direct real estate investing outside of your home state is a recipe for headaches. I would strongly discourage you from doing this (assuming you plan to manage the property yourself).
Oh, I -never- manage property myself. Always use a mgmt company. The trick is finding a good one. I used to own a 4-plex 3 hrs away from me, and the only time I ever saw it was the one time I drove down to check it out before I made my offer.
One of the services this company, RealSource, supposedly provides is hooking you up w/the best prop. mgmt. companies in the area.
Edit: and my home state is California. The area I live in, Sacramento, is rated as one of the most overvalued areas in the nation right now. Not gonna doit. wouldn’t be prudent at this juncture.
Even with a management company, owning out-of-area real estate can be a pain. The problem is that really good management companies are likely to be either hard to find, or so expensive as to soak up most of the profits of the venture.
I bought a 4-flat in St. Louis years ago at a time when I was living primarily in Chicago. Had a management company, but they were lousy. Ultimately ended up selling at a loss, after having operated at a loss as well for ~2 years.