How to Get Repair Estimates of an Out of State Absentee Property?

If I have an out of state absentee willing to sell me their property, how would I estimate the repair value of the property? Are they going to mail me keys so I get into the house? How do people typically get into the house? Also, how would I make an offer on the house before getting a chance to look at it. These are just questions that float in my brain as I consider wholesaling.

Chris Feltus

Wholesaler · Arlington, Texas

73 posts
2 awards

Nov 20 '12, 04:19 PM

Bring a locksmith to the property. Just make sure you have some form of consent from the owner and their contact information. They can get you in and out quickly with a lock pick gun.

But many times that is unnecessary as the owner will let me know "the back door is unlocked" or something to that effect.

J Scott

Real Estate Investor · Atlanta, Georgia

Moderator Donor Pro

9,750 posts
10 awards

Nov 20 '12, 07:03 PM

If you're buying from a distance, you're going to need a team local to the property to handle stuff like inspections, contracts, escrow, etc.

I would start by finding an investor or an investor-friendly general contractor in the area of the property and pay that person to provide you with an estimate. They'll need to work with the seller to gain entry into the property, of course.

As for making an offer before looking at the property, that's up to you. Personally, I'd never offer on a property that I hadn't seen...

J Scott, Lish Properties, LLC
E-Mail: j@123flip.com
Telephone: 770-906-6358
Website: http://www.123flip.com
FOLLOW ME ON FACEBOOK: http://www.facebook.com/123FlipRealEstate

Andy Bankston

Rehabber · Kennesaw, Georgia

129 posts
3 awards

Nov 20 '12, 08:20 PM

Originally posted by J Scott:
If you're buying from a distance, you're going to need a team local to the property to handle stuff like inspections, contracts, escrow, etc.

I would start by finding an investor or an investor-friendly general contractor in the area of the property and pay that person to provide you with an estimate. They'll need to work with the seller to gain entry into the property, of course.

As for making an offer before looking at the property, that's up to you. Personally, I'd never offer on a property that I hadn't seen...

J, the way I interpreted the post was the property owner is out of state, but the property is local to the OP.

I definitely agree that I'd never make an offer on a property without seeing it, regardless of where it's located.

Nathan Paisley

Real Estate Investor · New Jersey

Pro Basic

89 posts
1 award

Nov 20 '12, 08:45 PM

I would definitely make an offer!!!! Just 85% below market value... ;)

Jake Kucheck

Residential Real Estate Agent · Newport Beach, California

Pro Basic

935 posts
5 awards

Nov 20 '12, 08:53 PM

Buying at auction (at least here in CA) you typically don't see the inside of every house you buy. You also buy it with cash, the same day that you find out how much you can buy it for. So, you either have to be comfortable with that or not participate.

How do you get "comfortable" with that, you ask?

Well... there's lots of contextual clues.

How old is the house? How big? What does the outside look like? What does the lawn look like? Are there cars on it? Couches? What do the cars in the surrounding neighborhood look like? What do the people in the surrounding neighborhood look like? Was it previously listed on the MLS? If so... how long has it been and how dilapidated does the outside seem from when the photos are taken?

After a while... you'll get to the point where taking in all of these things is second nature, and you won't really need to see the inside to get within 10% of the right number for rehab.

Then again, you'll also be very, very, wrong 10% of the time. So if you can't afford to be, figure out a way in.