Last week I went over the process of investing in real estate whether it be as a new investor or a seasoned pro on a local basis.
Checking out all the details and being cautious, but not scared to “Pull the Trigger” when an opportunity arises is the key to good investing.
Taking a calculated risk after figuring everything out, so you know what you are getting into will most always keep you out of trouble. Do your due diligence and you most assuredly benefit in the long run.
This article will deal with investing your money out of New York State; let’s say down south to Florida or going west towards California.
It is a much more complicated and serious move to find that property out of your state that is worth investing in.
You have more variables to consider before putting your money down. Knowledge of the specific areas you are interested in, schools, location, local economy, return on investment, taxes, the strength of the rental market are some important factors to consider.
Comparing prices with what is available, under contract, sold and expired and withdrawn and released properties are necessary.
The following is a great link to further your skill set to enhance your general knowledge for out of state real estate investing:
Copy and paste this link into your browser and read, absorb and learn the important things you need to know and the tools that are necessary for you investment portfolio.
There are other options that you may want to consider, as an example real estate investment trusts, which is in many ways a much safe place to invest your money without the headaches that go along with actually owning property; especially if you are new at the game of real estate investing.
You can buy into a much larger securitized investments, such as office buildings, shopping centers, etc.
There are special tax benefits and considerations that are provide by the Internal Revenue Service and typically high dividend yields for investing in REITs.
Buying foreclosures, short sales and even tax liens out of State can also be an alternative, which in many cases is less of a risk; but then again you must do your due diligence and be absolutely sure of the risks involved when doing so. Tax liens can provide from 20-50 percent interest and that should spark your curiosity.
I could write many pages on the ideas of this type of investment, so to save space, you can go to the following link to learn the nuts and bolts of this type of investment:
Another way that some consider, is buying fixer-uppers and then flipping them, for an example.
Putting them back on the market for a hopefully quick sale. It is a prudent idea to determine which states are promising and doing well in that type of investment.
So you really need to do your research and learn where you might want to look and which type of real estate investment fits your investment and long term strategies.
I want to wish everyone a very healthy, happy and relaxing holiday season and Christmas and do me a favor, help out someone less fortunate than yourself and “pay it forward” in or out of your community.
Go to a soup kitchen, there is one in Hempstead, where my Rotary Club of Great Neck had served lunch to those who were not able to buy their own food.
Volunteer for something this holiday season, you will feel great that you did!
Philip A. Raices, Pres, G.R.I.
(Graduate Realtor Institute)
Licensed Real Estate
Past President of the Rotary Club Of Great Neck 2011-2012
Turn Key Real Estate
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