Ever bought property in another state for future use?

Bought a place in Chokelahoma on a lake for a summer get away place 15 years ago.

Love it, other than the Blow U T shirt fans.

I went through the process about 2 years ago. If you are going to try to get a foreclosure, don't get too attached. Don't know if you are looking to buy a place with cash or if you would get a mortgage, but mortgages in Florida, especially in vacation heavy areas, are a little more stringent since the bubble burst. It's best to find a bank that either knows your finances well and with whom you have a relationship, or else find someone down there that knows the market.

You can get mortgages, but they typically require solid down payments, and the terms or ease is often associated with the building (if it's a condo), the development, if it's a house, or the area. Banks aren't crazy about giving loans to places that are mostly 2nd homes.

If it's a condo or in a development and you are paying cash, make SURE you find out how many people are in default on their HOA fees. A lot of seemingly nice properties are in a mess because no one is paying the HOA and it's sort of a nightmare.

That's all I can think of off the top of my head.

Also, if you have a place that you don't live in for months at a time, what do you do to take care of it, keep the electric/water on, keep someone from targeting it for robbery, etc...

Depending on the neighborhood, area, location, the HOA fees include security. If you find a spot that isn't so organized, you either rent it out, find a house sitter, etc.

After six months of figuring everything out, it all fell through because of the sellers, and I was just sort of done with it all so I changed gears and chose a different investment.