Out-of-state investing, who holds the keys.

2 Replies

Hello All of You Beautiful BP users. I'm happy to say after a year of cleaning my credit up and educating myself to a point where I'm comfortable to make my first knife I have closed on my first investment property as of yesterday and I am due to close on my second investment property early next week. I made it a point to convince myself I do not need to go out and see these properties. This was entirely done sight unseen. But, obviously I did have a realtor, attorney help me out with the process. That being said now that I have these properties... Who holds the keys? Obviously I will be using a property manager to rent these bad boys out but, there are few repairs I would like to get done. Who would be the best individual to leave my keys with or to interact with a general contractor or anybody doing repairs. Do property managers usually take on this role? Again obviously, I'll be communicating with several property managers in the next day or two to ask this very question that I thought I would throw it out to the BP Universe. I'm sure someone has gone through this situation before as I am very sure I'm not the first individual to invest. Out-of-state.

My first thought would be to have a property manager put a lock box near the front door of the property. That way, the contractors and other workers you & the property management company trust can have easy access to do the renovations.

Congratulations on the new acquisition! Sounds like you're on your way to killing the game :)