Macon, GA · Member since 2015 · 29 posts · 15 votes
I found a house I was thinking about buying as a rental property. The problem is the house is in Georgia and I am currently stationed in Japan. My anyone had and experience in buying homes without seeing them and relying on the word of professionals. Should I wait until I am able to take leave (about 9 months) look for other properties that may be available when I am in the area.
Lender · Ladera Ranch, CA · Member since 2014 · 1k+ posts · 1k+ votes
11y
How much experience do you have with rentals? How well do you know the area?
I travel a lot for work and I've found it very challenging to manage fix and flip rehabs from overseas. In fact, I'm no longer doing it. I've bought rentals while I was abroad but only after I had purchased several rental condos while I was at home, I knew what I was doing, and I had established business partners and contacts. I joint venture on my projects because I want the people I'm working with to have vested interests in the outcome. I think you could use really good professionals but at the end of the day nobody will care about your properties the way you or equity partners do. I feel like it's vital to know your area first, physically, before buying anything there for the first time. It's also vital to have people on the ground that you can trust.
I know a lot of people hold rentals across the country and they might have a different experience. When I'm abroad, there's a time difference, I can only make outgoing calls via Skype, and it's just a lot more difficult overall to conduct business.
I'm focusing on buying real estate notes. I think it'll be a better fit for my situation to be a lender. Hope this helps!
Macon, GA · Member since 2015 · 29 posts · 15 votes
11y
I have not bought any rental properties yet. I am very familiar with the area, it's my birthplace, the area has a favorable rental market for rentals.
Thank you for the advice. I have decided that if I do not have a partner I will not buy a property I can't see for myself. I may be a little too eager and making an investment now may do more harm than good. I have about year left before I return to the states and if I can not find a reliable partner I will focus on putting more money away and increasing my education in real estate.
I appreciate you replying because I value the advice of experienced investors.
Investor · West Covina, CA · Member since 2014 · 67 posts · 9 votes
11y
i have a rental with a partner in the area. Thus us my first property but one of many for my partner. The area dues have favorable passive returns from what I am getting on my property.
I agree with others that you should get a partner. I have no idea how the neighborhood are initially but my partner has been feeding me Info's.
Investor · Atlanta, GA · Member since 2013 · 97 posts · 32 votes
11y
I agree, investing long distance is definitely a challenge. Theres really only 2 options either you team up with someone that has a a solid, verifiable, repeatable team, with a great track record. Or, wait until you get back build a team and go from there. which ever you do make sure you take your time and do your home work on every one you work with from your lender, partners lender, to the guy that cuts the grass while your property is listed.
Residential Real Estate Agent · Atlanta, GA · Member since 2009 · 381 posts · 134 votes
11y
I've taken narrated videos of the interior and exterior of the properties for investors to look at and make there buying decisions. Is the property in Macon? Locate a good property management company as you look for properties.
Investor · Yokosuka, Japan · Member since 2014 · 631 posts · 184 votes
11y
@Danny Hubbard I'm trying to PM you but the colleague request button is being very finicky with me today. We definitely have commonalities I would like to discuss. Send me a PM or look up my profile and contact me through that information.