Contact UsDo You Own Real Estate Outside California?
Many people buy real estate as an investment outside of California because it is cheaper and the rents usually are in excess of the cost to operate the property. If you are thinking about buying out of state property, consider these things:
- You should visit your property on a regular basis – at least once a year. How difficult is it for you to get to the property location?
- Is the state where the property is located a “recourse state”? In other words, if you default on the mortgage can the bank come after your other assets?
- Are there any special laws of that state that apply to property owners, such as landlord-tenant laws? Know the laws before you buy.
- Is your property in your living trust? If not, your heirs may need to open a separate probate in every state where you own property. You can avoid this with proper estate planning.
If you need help with your due diligence before you purchase out-of-state property, give us a call.
May 25th, 2012 Posted to
Real Estate | 
Comments (1)
Comments (1)
To be successful in real estate, it is important to know one’s market. Oftentimes, relators who are successful in one market, such as large-scale commercial properties, will assume that their success will translate to other markets, such as small corporate properties. Doing the research to fully understand any new market that a relator is considering getting involved in is essential to sucess.