Out of State Investing Question

5 Replies

I am a beginner in out of state RE investing and had a question for those doing out of state investing:

Do you always send a RE agent to check out buildings before making offers? 

After I crunch the numbers and check out images I feel fairly confident in sending an offer (especially because so many of them would likely be turned down) and I don't want to have my agent running around like crazy to look at places, 80% of which wont accept my offer. 

@Moira Mosley-Duffy

I believe it depends on your relationship with your agent. In general, put in an offer since the likelihood of being accepted is low (per your comment 20%).  Once the property is under contract, you can go on full due diligence mode getting the agent to a look at it as well as any other team member (property manager, contractor, etc.) 

Hi @Moira Mosley-Duffy - I used to send my agent running around to all the properties I was interested in, but now I'm comfortable offering on places before she even gets inside. In a hot market, it's sometimes necessary to get a property under contract ASAP without really seeing it. That's why we have an inspection period. Hope that helps!

-Tyler

@Moira Mosley-Duffy - In addition to the commentary already provided by @Milton Rivera and @Grant Rothenburger ... it's worth mentioning that we've had a positive experience with the service called WeGoLook before entering due diligence, when purchasing properties remotely.

They took updated pictures, did a 2 page (simple) PDF summary of neighborhood observations and we paid a couple extra bucks for iPhone videos of the neighborhood, to make sure we weren't purchasing properties in warzones. It was well worth it, for us... and built confidence that we were putting in the right offer.