New investor, working on my first property. I'm investing long distance and wondered what's normal in terms of coordinating the inspection and GC walkthrough from a distance. I'm assuming my agent is responsible for letting these folks in and out of the property while I'm unable to be there. Is that accurate? Or is the seller's agent responsible as they have access to the property?
New investor, working on my first property. I'm investing long distance and wondered what's normal in terms of coordinating the inspection and GC walkthrough from a distance. I'm assuming my agent is responsible for letting these folks in and out of the property while I'm unable to be there. Is that accurate? Or is the seller's agent responsible as they have access to the property?
Would love some insight. Thanks!
Hello, I know dozens of investors that have purchased properties without ever going to the state where the property is located. YOU MUST have a team in place with a long-term mutual benefit. Your agent is NOT on your team, they are they to make the sale and move on. If you do not have a relationship with this GC do not do the deal. Do you know what the real cost is supposed to be to do the reno, I assume no? IF not do not do the deal. Connect with those that are doing deals and allow them to handle for you. I have seen so many terrible stories. It took me years to build relationships. Now when I need a property walked, I simply give my guy the address and its done typically within 2 hours.
New investor, working on my first property. I'm investing long distance and wondered what's normal in terms of coordinating the inspection and GC walkthrough from a distance. I'm assuming my agent is responsible for letting these folks in and out of the property while I'm unable to be there. Is that accurate? Or is the seller's agent responsible as they have access to the property?
Would love some insight. Thanks!
It would be my recommendation to make individual contact with each party for coordination, and then make the plan game plan with your agent in the know. That way anything they may need to coordinate on their end they can take care of. If you trust your agent, and have vetted your inspector and GCs you shouldn't have any issue coordinating with your team.
Afterall- if you are using an agent that is familiar with out of state investors, they should know they things you are likely to need, and be getting everything prepped as much as they can. As from what it sounds like you are already under contract, that agent wants to make sure you get to close. So loop them in as much as possible so they can assist where needed.
Should be relatively straightforward, hope that helps!
New investor, working on my first property. I'm investing long distance and wondered what's normal in terms of coordinating the inspection and GC walkthrough from a distance. I'm assuming my agent is responsible for letting these folks in and out of the property while I'm unable to be there. Is that accurate? Or is the seller's agent responsible as they have access to the property?
Would love some insight. Thanks!
Hello, I know dozens of investors that have purchased properties without ever going to the state where the property is located. YOU MUST have a team in place with a long-term mutual benefit. Your agent is NOT on your team, they are they to make the sale and move on. If you do not have a relationship with this GC do not do the deal. Do you know what the real cost is supposed to be to do the reno, I assume no? IF not do not do the deal. Connect with those that are doing deals and allow them to handle for you. I have seen so many terrible stories. It took me years to build relationships. Now when I need a property walked, I simply give my guy the address and its done typically within 2 hours.
Real Estate Agent · Keller, TX · Member since 2017 · 850 posts · 825 votes
3y
@Christopher Rucks I would generally agree with @Bob S. that most real estate agents make the sale and move on. Which is why I recommend a realtor, like myself, that is a fellow investor. Any good realtor will be able to recommend a licensed home inspector to perform inspections during the termination option period here in the Dallas/Ft. Worth area. The home inspector I recommend has been working for me and fellow investors for over a decade. He is very detailed and knows what to look for regardless of your exit strategy. Also, a fellow investor/agent is able to not only recommend contractors but will arrange to get contractors in to get you a quote. But will add contractors will only go in until after you have the property under contract and you have had the home inspection done (if required) and you and the sellers have negotiated repairs and/or sellers concessions. I personally look forward to fostering a long term relationship with my fellow investor clients. I want to help fellow investors grow their business and continue to work with me buying and selling for many years to come. So it is critical you add a fellow investor/realtor on your team that will help you with the aforementioned needs. Hope this helps.
This is all fantastic advice. Thank you, everyone. I have my agent on the ground and I'm building those GC relationships now, but I need to connect w/ my agent and ensure she's available for this kind of on-the-ground work. Thanks, everyone!
Realtor · Athens, GA · Member since 2023 · 201 posts · 104 votes
3y
Usually an agent will go walk if you can't be there. But make sure you call that inspector when they go out there and talk about your main concerns. Agent could even face time you while the inspection is going on so you can be a part of it and see any issues with your own eyes. If this is your first deal be as thorough as you can be, and don't be afraid to ask a lot of people during your DD period because this first deal could set you back years if it goes poorly.