I am in the process of planning and purchasing a few investment properties with my brothers. They each work as real estate agents and we all live in California, but our plan is to buy a few properties in AZ. The realtor they work for owns over 90 units locally and brings in close to 100k a month after expenses and he is who has convinced us of the benefit of this plan. We have been working with a local realtor and we are heading out there in a few weeks to make the decisions. I do own a home currently, but did not go through the process of the purchase as the S.O. already bought the home. We have a decent amount available to cover at least 20% down on a few properties.
What kind of rates are we looking at and how difficult is it to get approved for out of state investment property purchases?
What are the drawbacks to out of state property?
I like the security of buying condos with HOA fees to help cover some of the cost and the security and upkeep. What are your thoughts on that?
I would prefer 2bed 2bath places at a cheaper cost rather than 3bed+ places that would only bring in possibly an extra 100-200 a month. What are your thoughts on size of individual rental over multiple properties?
And any other suggestions or information you think I/we should know would be great! Thank you!