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Real estate investors know that Florida’s real estate markets are tightening up. As the demand begins to outweigh supply, real estate investors are having to become much more diligent in their property searches. This is especially true for out of state real estate investors looking for Florida properties. Out of state real estate investors must not only know their desired market, but also how to acquire and execute deals from a remote location. How can out of state real estate investors keep track of the Florida markets?
This episode, we speak with Eric Black. Eric is an investor based out of California who has owned properties in several different states, including Florida (Brevard County). Eric’s position is a unique one in that real estate investing is currently ancillary to his full-time job in the technology industry. With the ultimate goal of a transition towards full-time real estate investing, Eric has adopted an interesting perspective on real estate investing that may be helpful for other out of state real estate investors. This episode, Eric discusses how he handles a full-time job along with being an out of state real estate investor and shares tips for others.
Tips for Out of State Real Estate Investors Looking for Properties
- Adopt Marketing and Search Strategies
- Build local network to market your investment goals and aid in property search (realtors, contractors, developers, investors, financiers, etc.)
- Direct mailings
- Know Your Market
- Best to visit your desired market area with a knowledgeable local contact
- Statistics and data research
- Google Maps/Google Earth
- Have Effective Property Management
- Property management benchmarks: vacancy turnarounds, communication with owner
- Helpful Tools for Investors
- Find a mentor or follow someone who has found success in your desired market
- Rich Dad Poor Dad, by: Robert Kiyosaki
Also discussed in this podcast are past episodes that could be relevant to out of State investors:
https://investfloridashow.com/ep-84-daren-blomquist-florida-markets-hot/
For any out of state real estate investors who would like to contact Eric to discuss more about his investing strategies and goals, email him at: emblack@gmail.com
** Special thanks to Nicole Valentin for making a guest referral to our show. Check her out at http://www.nvadvertising.com/.