Torcana Podcast 16: Is investing outside your home market a good idea?

11/03/16 • 19 min

Torcana Real Estate Investment with Colin Murphy

There is a lot to be said for investing in your home market, but sometimes it just isn ́t practical because prices are so high and/or rental returns are so low. If you want to invest out of state properly, there are a number of steps you need to follow to avoid making some very expensive mistakes. Here are my 7 recommended tips to get started on building a rental portfolio far from where you list and work.

Previous Episode

Torcana Podcast 15: Why you should be taking a second look at Tampa Florida

We have a destination specific podcast today as we drill down into the reasons why Florida, and particularly the Tampa Bay area is such a hot destination for rental property investors right now.

Located on the west coast of Florida, Tampa Bay is a densely populated metro area (second only to Miami) with a population of more than 4 million and a local economy worth $130 billion. Major cities within this area include St. Petersburg, Largo, Clearwater, New Port Richey, Holiday and Tampa.

The Greater Tampa Bay area is consistently ranked among the top 20 fastest growing metro areas in the country and with billions of dollars of residential, commercial and infrastructure investment underway, it is one of the engines of the Florida economy.

More than 19 firms with annual revenues of more $1 billion are headquartered here and it is home to four Fortune 500 companies. Tampa has a very diversified economy with financial services, healthcare, research, education, tourism/retirement, and military bases all making significant contributions to jobs and growth.

Next Episode

Torcana Podcast 17: Interview with Broker & Property Manager Mike Bundy

In this week's show, we welcome Mike Bundy of Sunista Realty to the podcast booth to tell us about a property managers life, the problems he encounters and the advice he has for long term investors.

This show is packed full of actionable information which includes:

What sets apart really good managers from ordinary or poor ones? - What is involved in advertising a property and placing a great tenant? - What do tenants REALLY want and what makes them stay in a property long term? - What up front measures can you take to make sure you don ́t accidentally rent your property to a bad tenant? - If a tenant stops paying their rent, how does the eviction process work? - What are the typical maintenance issues an investor should expect to deal with from time to time? - PLUS: How Mike dealt with a situation where a tenant was convinced there was a BEAR in the attic!